Libya signs unified oil field deal to boost production

TRIPOLI, June 10 (Xinhua) -- Libya's National Oil Corporation (NOC) announced on Wednesday the signing of a unified operating agreement for the I/R oil field in the Murzuq Basin in southwestern Libya, aimed at enhancing coordination among partners and improving operational efficiency.

The agreement was signed by the NOC and its concession partners, including Libya's Akakus Oil Operations Company, France's TotalEnergies, Spain's Repsol, Norway's Equinor, and Austria's OMV, the NOC said in a statement.

According to the NOC, the agreement will unify operational and administrative procedures related to field management, optimize resource utilization, and support production sustainability.

The NOC previously announced new oil discoveries in the Murzuq Basin, located about 950 km south of the capital Tripoli. The basin covers an estimated area of 300,000-350,000 square km, making it one of Libya's largest geological basins, particularly rich in hydrocarbon resources.

The region is home to several major oil fields, including the Sharara oil field, which produces around 300,000 barrels per day, and the El Feel field, with a daily output of about 80,000 barrels.

Oil and gas exports are Libya's main source of revenue, but production has been repeatedly disrupted in recent years by conflict and political instability.