Algeria and Libya to announce resumption of Sonatrach's activities in the Ghadames Basin on Tuesday

Alwasat - Cairo Mon 06 Nov 2023, 06:11 PM
alwasat radio

A delegation from the Algerian energy company Sonatrach will visit Tripoli on Tuesday to officially announce the imminent resumption of its activities in Libya after an eight-year hiatus.

Sonatrach and Libya's National Oil Corporation (NOC) are also due to negotiate projects scheduled to launch soon and reconsider the terms of exploitation of border wells on both sides.

This comes after Sontrach CEO Rachid Hachichi held a phone call last week with NOC Chairman Farhat Bengadara about the resumption of activities by Sonatrach in Libya after it lifted force majeure on its assets.

Sonatrach won a contract to explore for oil in Libya in 2005, investing at least $750 million, and successfully discovered three sites in April 2009, May 2010 and March 2013, with Sonatrach estimating reserves in the Zintan region near the Algerian-Libyan border at about 45 million barrels.

As a result of the deteriorating security situation in Libya, Sonatrach suspended its activity in Libya for the first time in 2011, it returned in 2012, before stopping again in 2015.

The Algerian company left investments worth more than $155 million and equipment estimated at $25 million when it suspended its activities.

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