Libya Signs Oil Exploration Agreement with Qatari Company UCC
The National Oil Corporation of Libya announced the signing of an agreement with the Qatari group "UCC Holding," in partnership with the Libyan Investment Authority, to explore and share production in Area 47 in the Ghadames Basin. The agreement aims to enhance investments and increase oil and gas production, as the partners seek to raise the field's output to approximately 80,000 barrels per day and utilize associated gas for electricity generation. The implementation of the project requires completing technical studies and development plans to ensure the highest return for the Libyan state.
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