PT Medco Energi Internasional is seeking investors from the Middle East to take part in the development of an oil and gas field in Libya, the Indonesia-listed company said.

Medco said in a filing to the Indonesia Stock Exchange that the company is studying various options to raise funds for developing the Area 47, including combining reserve-based lending and shariah financing.

“Currently, we are studying several proposals from international reserve-based lending financial institutions,” the company said, without elaborating.

The Indonesian company holds a 50% working interest in the area, which could hold as much as 2.15 billion barrels of oil equivalent. Canada-based Verenex Energy Inc. holds the remaining 50% stake.

(Dow Jones & Rigzone)