Indonesia’s PT Medco Energi Internasional, through its subsidiary Medco International Ventures Ltd. has officially established a joint operating company (JOC) in Libya. The JOC is with partners NOC and the Libyan Investment Authority (LIA). The JOC is named Nafusah Oil Operations.
MedcoEnergi will own an interest of 24.5%, while NOC and LIA will own interest of 51% and 24.5% respectively of the JOC.
The establishment of the LIA follows its successful exploration program on Area 47. The exploration program saw 18 out of 20 well a discovery…read more