The Libyan Investment Authority (LIA) signed a contract with Indonesian oil and gas company Medco Energy on Sunday to extend the previous agreement between the two sides related to the oil exploration in the area 47 exploration block.
A source from the LIA clarified that the initial exploration of the wells indicated a production capacity of up to 25 thousand barrels per day, adding that this figure is likely to ascend after the exploration of other wells in the region.
The general manager of Medco Energy Libya branch, Faisel Shitta, said that the company has started procedures to complete the work of the project as soon as the National Oil Corporation approves the agreement so the new extension enters into force.
