Report summaryThe Area 47 oil and gas fields are located in the Ghadames Basin in northwest Libya and are operated by Medco Energi. The exploration licence was initially awarded to Verenex Energy in Libya's first international bid round with EPSA IV terms in 2005. We have assumed Medco will implement the early production system planned by Verenex Energy, which targeted 50,000 b/d of oil and monetising associated gas by linking into nearby gas infrastructure. First oil and gas production was initially forecast for 2014 but was subsequently delayed to 2017 due to ongoing unrest.
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