Libya’s state National Oil Corporation (NOC) announced yesterday that the Algerian state energy company Sonatrach is willing and ready to return and work fully in Libya, after it lifted the state of force majeure on its exploration areas in August this year.
New Sonatrach CEO Hachichi Tripoli visit
The announcement came during the visit conducted Tuesday by Sonatrach CEO Rachid Hachichi, who, for his part, stressed the importance of maintaining economic relations and strategic cooperation in a way that preserves the interests of the two countries.
This, he continued, in addition to resuming its activity in Libya, completing its contractual obligations, initiating the development of discovered fields, and enhancing ways of cooperation in the areas of implementing oil and gas projects, services and training.
A memorandum of understanding was previously signed during a meeting held in Tripoli between the former NOC Chairman, Mustafa Sanalla, and the former Sonatrach CEO, Tawfiq Hakar in 2021. The MoU was to facilitate the rapid return of Sonatrach to its activities in Libya, by completing its contractual obligations in the contract areas 065 and 96/95 in the Ghadames Basin (near the Algerian border) and setting a future vision for preparing plans to develop the fields discovered in the two areas.
During that meeting, Hakar had confirmed his company’s readiness to develop twinning programmes and establishing mixed subsidiary companies with the Libyan side, in research, exploration, well works, facility rehabilitation, maintenance operations, training, civil engineering and construction.