The Indonesian Medco Enerji Internasional Tbk (Medco) reported in January 2019 that it got the approval from the National Oil Corporation (NOC) to start a sales process for its interest in the Libyan Area 47 contract. Medco is a partner of NOC (51%) and the Libyan Investment Authority (LIA, 24.5%) with the 24.5% of interest through the Nafusah Oil Operations BV, which operates the contract.   Area 47 comprises four blocks (Block 1, Block 2, Block 3 and Block 4) located in the Ghadames Basin, next to the border with Tunisia. Hamada North, a key field part of NOC's plan to boost production to 2.1 MMbbl/d by 2024 is located in Block 2 (see map below). Medco has reported Gross Working Interest 2P reserves of 57 Mscf of gas and 61 MMbbl of oil in Area 47 contract as of 30 September 2019.   Medco was awarded the 6,182 sq km Area 47 EPSA IV in 2005 becoming part of the Nafusah Oil group. The contract included five and 25 years of exploration and production permit, respectively.
The Indonesian Medco Enerji Internasional Tbk (Medco) reported in January 2019 that it got the approval from the National Oil Corporation (NOC) to start a sales process for its interest in the Libyan Area 47 contract. Medco is a partner of NOC (51%) and the Libyan Investment Authority (LIA, 24.5%) with the 24.5% of interest through the Nafusah Oil Operations BV, which operates the contract. Area 47 comprises four blocks (Block 1, Block 2, Block 3 and Block 4) located in the Ghadames Basin, next to the border with Tunisia. Hamada North, a key field part of NOC's plan to boost production to 2.1 MMbbl/d by 2024 is located in Block 2 (see map below). Medco has reported Gross Working Interest 2P reserves of 57 Mscf of gas and 61 MMbbl of oil in Area 47 contract as of 30 September 2019.