Libya's NOC Strikes Unified Oils Field Agreement Five Energy Giants
The agreement was executed by the NOC alongside concession partners Akakus Oil Operations Company of Libya, France's TotalEnergies, Spain's Repsol, Norway's Equinor, and Austria's OMV. According to the NOC, the deal will consolidate operational and administrative procedures governing field management, optimize resource utilization, and underpin long-term production sustainability.
The Murzuq Basin, situated approximately 950 kilometers south of the capital Tripoli, spans an estimated 300,000 to 350,000 square kilometers, ranking it among Libya's largest geological basins and one of its most hydrocarbon-rich formations. The NOC had previously announced fresh oil discoveries in the area.
The basin hosts several major producing assets, including the Sharara oil field — one of Libya's largest, with output of around 300,000 barrels per day — and the El Feel field, which produces approximately 80,000 barrels daily.
Oil and gas exports remain the backbone of Libya's economy, though production has been repeatedly disrupted in recent years by persistent conflict and chronic political instability, making coordinated agreements of this kind critical to sustaining output levels.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
