/strong%20strongof%20Libya/strong,%20Mustafa%20Sanalla,%20was%20in%20a%20meeting%20for%20the%20past%20three%20days%20with%20the%20Chairman%20of%20the%20Board%20and%20Chief%20Executive%20Officer%20of%20the%20Libyan%20Investment%20Authority%20(LIA)%20and%20Roberto%20Lorato,%20the%20Chief%20Executive%20Officer%20of%20Medco%20International%20Ventures%20Limited%20(MIVL),%20the%20partners%20in%20Exploration%20and%20Production%20Sharing%20Agreement%20(EPSA)%20for%20Contract%20Area%2047%20located%20in%20Ghadames%20Basin,%20strongLibya/strong.%20The%20objective%20of%20the%20meeting%20is%20to%20bring%20the%20field%20into%20production.According%20to%20the%20strongNOC/strong,%20the%20meetings%20were%20to%20discuss%20the%20topics%20that%20were%20forwarded%20to%20them%20by%20the%20Owners%20Committee%20from%20their%20meeting%20held%20in%20September%202020.%20The%20Corporation%20said%20the%20Owners%20studied%20the%20points%20referred%20to%20them,%20which%20is%20to%20push%20for%20the%20implementation%20of%20the%20faltering%20plan%20of%20the%20project.%20It%20reported%20there%20was%20a%20consensus%20reached%20on%20the%20continuity%20of%20the%20implementation%20of%20the%20project%20and%20the%20appropriate%20solutions%20for%20the%20obstacles%20that%20faced%20its%20implementation%20were%20provided.A%20decision%20has%20been%20approved%20and%20referred%20to%20the%20Management%20Committee%20of%20the%20Operator%20with%20a%20specified%20time%20for%20the%20implementation%20of%20the%20project,%20and%20the%20solutions%20for%20the%20challenges%20that%20the%20previous%20implementation%20faced%20were%20also%20provided.The%20strongNOC/strong%20Chairman%20urged%20the%20Operator's%20Management%20to%20abide%20by%20what%20was%20agreed%20upon%20during%20the%20meeting%20and%20to%20work%20on%20putting%20the%20field%20into%20production%20within%20the%20stipulated%20time%20frame.%20He%20noted%20that%20the%20NOC%20shall%20devote%20all%20its%20resources%20to%20achieve%20the%20goal.The%20Chairman%20of%20the%20strongLibyan%20Investment%20Authority%20(LIA)/strong%20confirmed%20the%20NOC's%20commitment%20in%20developing%20the%20project%20as%20it%20will%20help%20to%20increase%20the%20national%20revenues.%20The%20Chief%20Executive%20Officer%20of%20Medco%20International%20also%20commended%20the%20experts%20from%20the%20three%20parties%20for%20arriving%20at%20practical%20solutions%20to%20aid%20the%20implementation.a%20href=https://ibekachikwu.com/wp-content/uploads/2020/11/636ebb41-fc1b-4e5a-bcd4-0aab7d390ee3.jpgimg%20class=size-medium%20wp-image-3251%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2020/11/636ebb41-fc1b-4e5a-bcd4-0aab7d390ee3-235x300.jpg%20alt=%20width=235%20height=300%20//a){kind=link}
The Chairman of the National Oil Corporation (NOC) of Libya, Mustafa Sanalla, was in a meeting for the past three days with the Chairman of the Board and Chief Executive Officer of the Libyan Investment Authority (LIA) and Roberto Lorato, the Chief Executive Officer of Medco International Ventures Limited (MIVL), the partners in Exploration and Production Sharing Agreement (EPSA) for Contract Area 47 located in Ghadames Basin, Libya. The objective of the meeting is to bring the field into production.
According to the NOC, the meetings were to discuss the topics that were forwarded to them by the Owners Committee from their meeting held in September 2020. The Corporation said the Owners studied the points referred to them, which is to push for the implementation of the faltering plan of the project. It reported there was a consensus reached on the continuity of the implementation of the project and the appropriate solutions for the obstacles that faced its implementation were provided.
A decision has been approved and referred to the Management Committee of the Operator with a specified time for the implementation of the project, and the solutions for the challenges that the previous implementation faced were also provided.
The NOC Chairman urged the Operator’s Management to abide by what was agreed upon during the meeting and to work on putting the field into production within the stipulated time frame. He noted that the NOC shall devote all its resources to achieve the goal.
The Chairman of the Libyan Investment Authority (LIA) confirmed the NOC’s commitment in developing the project as it will help to increase the national revenues. The Chief Executive Officer of Medco International also commended the experts from the three parties for arriving at practical solutions to aid the implementation.
