Energy company Medco Energi Internasional (MEDC) renew oil and gas contracts with the Libyan Investment Authority (LIA) to extend the previous agreement between the two sides related to the oil exploration in the area 47 exploration block. MEDC holds 24.5% share in Nafusa Oil Operations, a joint operating company formed in March 2013 with National Oil Company (NOC). It and LIA develop the Area 47 block, near the borders with Tunisia and Algeria. Area 47 yielded by far the largest discovery from the four international licensing rounds held since the 2004.