Algeria’s national oil company, Sonatrach, has announced that it will resume oil operations in Libya, after suspending its activities on and off since 2011 due to security concerns, Energy Capital Power reports.
According to the report, Sonatrach’s CEO, Rachid Hachichi, initiated a conversation with the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, to discuss the resumption of oil operations in Libya. The announcement comes after Sonatrach officially lifted its force majeure in the country last August.
Both parties have agreed to convene next week in Tripoli to formalise the process of re-establishing Sonatrach’s contractual commitments in the Ghadames Basin, as well as to explore opportunities to strengthen their partnership.
Last year, Sonatrach and the NOC signed a Memorandum of Understanding that would enable Sonatrach to resume its activities in Libya, emphasising the importance of fulfilling contractual obligations and expanding collaboration in oil and gas projects, services and training.