By Sami Zaptia.
London, 30 October 2020:
The National Oil Corporation (NOC) announced yesterday that the newly established joint operating company, Sarir Oil Operations (SOO) company, had started operation on contract areas 91 and 107 (previously 96 and 97) which used to be operated by Germany’s Wintershall.
The SOO had been established in 2010 as a joint-venture company owned by the NOC and Wintershall Company (WIAG).
An EPSA Agreement was signed as a result of the Memorandum of Understanding (MoU) which was approved in 2010. The National Oil Corporation then commenced negotiations with Wintershall Company to implement this Memorandum of Understanding. These negotiations took thirty months of continuous discussions and finally reached a successful version of EPSA on December 12, 2019, the NOC said.
Operations during the last few months were under the supervision of Wintershall for the purpose of finalizing the official establishment and registration requirements of Sarir Oil Operations. By this date most of the employees were transferred to Sarir Oil Operations in order to continue conducting the Company’s activity, the NOC added.
NOC and Wintershall implement 2010 oil deal, convert it to EPSA IV format