The Nafoora-Augila field is located in the Sirte Basin in the east of Libya. The field has an estimated 7.5 billion barrels of oil in place, making it one of Libya's major oil fields. It is operated by the Arabian Gulf Oil Company (Agoco), which is a partnership of NOC, Occidental and OMV. In 2008, Occidental and OMV signed an Exploration and Production Sharing Agreement (EPSA) with NOC for all their Libyan assets, including Nafoora-Aguila. Concession licences were converted to EPSA IV terms and a 30-year licence extension was granted. In 2008, Occidental and OMV announced a five to seven year re-development plan to increase production across all their assets from 100,000 b/d to 300,000 b/d by investing US$2.5 billion (US$5 billion including NOC's share). The Nafoora- Augila field was expected to be the focus of investment. The re-development plan would increase production capacity at the field from 50,000 b/d to 130,000 b/d.