Libya partners with Qatar's UCC for $1bn Ghadames Basin oil project

Libya’s National Oil Corporation (NOC) has signed an Exploration and Production Sharing Agreement (EPSA) with Qatar's UCC Holding and the Libyan Investment Authority (LIA) to develop Area 47 in the strategic Ghadames Basin, Libya Herald reported on July 9. 

Announced by NOC Chairman Masoud Suleiman, the deal marks a significant step towards revitalising international energy partnerships and expanding upstream activities within the country. Executed through UCC Holding’s subsidiary, Urbacon Energy Libya, the project is estimated to cost $1bn. The development programme aims to substantially boost crude oil output at the block to approximately 80,000 barrels per day.

UCC Holding is a privately owned conglomerate that specialises in large-scale construction, infrastructure development, energy concessions, and property management across the MENA region.

The framework establishes that the Qatari investor will fully finance the project, including the capture and use of associated natural gas to generate domestic electricity.

The execution of the project remains subject to the completion of final technical studies and formal approvals of detailed development plans to secure optimal financial returns for the Libyan state. The agreement aligns with Libya's ongoing national strategy to upgrade its hydrocarbon infrastructure, improve the local investment climate, and drive sustainable economic development through advanced technological collaboration with international partners.