Libya resumes exploration in Ghadames Basin following NOC acquisition
Nafusa Oil Operations BV announced that the National Oil Corporation (NOC) has acquired the foreign partner's share in developing the North Hamada field, leading to the resumption of exploration activities in Block 47 of the Ghadames Basin, which had been halted since 2014. In a statement on Friday, the company said this acquisition is expected to facilitate new discoveries in Block 47, which can be quickly developed and connected to the surface facilities currently being completed.
The statement outlined the development stages of the North Hamada field, noting that development work began in March 2022. Production operations started in August 2023 with Well A-4, producing at a rate of 1,500 barrels per day, which increased to 3,000 barrels per day last March with the addition of Well A-1. With the commencement of the main shipping line, production is set to gradually increase, aiming to reach 10,000 barrels per day by the beginning of September. The NOC previously announced its acquisition of Medco Energy's participating interest in the exploration and production-sharing agreement in Contract Area 47 in the Ghadames Basin, including the company's entire stake in Nafusa Oil Operations.