Libyan-Qatari Agreement to Increase Ghadames Basin Oil Production to 80,000 Barrels Per Day

The National Oil Corporation of Libya has signed an agreement with Qatar's UCC Holding Group to explore and share production in Area 47 in the Ghadames Basin. The goal is to increase production to approximately 80,000 barrels of crude oil per day and to utilize associated gas for electricity generation. The agreement includes developing the area, enhancing investments and oil reserves, with full funding from the investor. It also requires completing technical studies and development plans to ensure the best return for the country. The Ghadames Basin is located in northwest Libya and is considered one of the country's important oil basins.

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