Libya’s National Oil Corporation (NOC) and its partners in the (NC115) and (NC186) concessions in the Murzuq Basin, southwest Libya, have signed a unified operating agreement for the (I/R) field, a move aimed at streamlining operational management and improving the efficient utilization of oil resources.
The agreement was signed by representatives of Akakus Oil Operations, TotalEnergies, Repsol, Equinor, and OMV, all partners in the concession covering the field in southern Libya.
In a statement issued on Wednesday, the NOC said the agreement seeks to strengthen cooperation and coordination among the partners and unify the operational and administrative procedures governing the field.
“The measure is expected to improve performance efficiency, optimize resource utilization, and support sustainable production in Libya’s oil and gas sector.” NOC added.
NOC further added that the agreement marks an important step toward enhancing operational performance in the Murzuq Basin by consolidating efforts among partners and applying best practices in governance and management, thereby supporting the stability of production activities.
According to the NOC, the agreement reflects the commitment of both the corporation and its partners to strengthening joint cooperation and supporting projects that contribute to the development of Libya’s oil and gas industry. It also said the move reinforces the confidence of international energy companies in the country’s energy sector and investment prospects.
The Murzuq Basin is one of Libya’s most significant oil-producing regions, hosting several producing fields that play a key role in maintaining national output levels and supporting public revenues.
