20 Oct 2020, The National Oil Corporation- Libya (NOC) announced that the newly established joint operating company (JOC) named Sarir Oil Operations (SOO), undertakes operatorship on the contract Areas 91 and 107 (formerly C96 and C97), which preliminarily operated by the German oil and gas company Wintershall Libya business unit The SOO was recently established employing a joint-venture company owned by the National Oil Corporation (NOC) and Wintershall Company (WIAG) (51% NOC and 49% WIAG) under the ESPA-IV fiscal regime. The EPSA-IV agreement was signed as a result of the Memorandum of Understanding (MoU) approved in 2010. The NOC then commenced negotiations with Wintershall Company to implement the Memorandum of Understanding. These negotiations acquired thirty months of continuous discussions and finally reached a successful version of the EPSA-VI agreement on 12 Dec 2019 to operate nine fields in both Areas 91 and 107. Operations during the period of singing till the establishment were under the management of Wintershall to finalize the official founding and registration requirements of Sarir Oil Operations. Production was initially started with 30,000 barrels a day in October 2020, but with a capacity of more than 80,000 BOPD, it’s one of the most significant reserves in Libya.
