Libya’s NOC and Indonesian private firm MedcoEnergi have settled an international arbitration case over the long-delayed North Hamada project in the Ghadames Basin, NOC announced in a statement on 24 May.

The settlement occurred through NOC’s acquisition of MedcoEnergi’s participating interest (50%) in the Contract Area 47 EPSA and its entire shareholding (24.5%) in the NOC-led joint venture Nafusah Oil Operations, the statement read, without disclosing the financial value of the deal. The remaining 24.5% is owned by the Libyan Investment Authority (LIA). (CONTINUED - 388 WORDS)