Libyan NOC Announces Settlement of Claims & Counterclaims with MedcoEnergi

The National Oil Corporation of Libya (NOC) announced the settlement of the claims and counterclaims between it and PT Medco Energi Internasional Tbk (MedcoEnergi), through the acquisition by NOC of the participating interest of MedcoEnergi in the Contract Area 47 Exploration and Production Sharing Agreement.

NOC also acquired MedcoEnergi’s entire shareholding in the Joint Operating Company, Nafusah Oil Operations B.V.