Medco Energi has finally confirmed its intention to fully exit North Africa. After agreeing to sell its Tunisia assets last year, the Indonesian firm in its third quarter results released 6 January now says its sole Libya asset – a 25% operator’s stake in the Area 47 – is also up for sale.
Years of security challenges in Libya have evidently taken their toll. The distant prospect of around 50,000 b/d from Area 47’s North Hamada development was clearly not enough to keep Medco interested (MEES, 17 May 2019). Libya will now be looking for a potential partner at North Hamada which forms a key part of its long-term output plans (MEES, 22 November 2019). (CONTINUED - 225 WORDS)