Algeria will invest heavily in Libya through Sonatrach, in oil exploration and production
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Denys Bédarride
Friday 18 February 2022 Last update on Friday, February 18, 2022 At 11:51 AM

Sonatrach CEO Toufik Hakkar said on February 10 from Tripoli in Libya that the national company's investment volume in exploration in Libya will soon approach 200 million dollars, against 150 million dollars currently.

“Sonatrach respects its contracts in Libya, contracts through which we want to complete our contractual commitments and examine the ways to develop the fields explored as soon as possible”, declared Toufik Hakkar during a jointly moderated press conference. with the chairman of the board of directors of the National oil corporation (Noc), Mustafa Sanalla, after the signing of a memorandum of understanding between the two parties.

This meeting enabled the two parties to prepare the first stages of Sonatrach’s return to Libya as well as the continuation of its exploration operations.

“This opportunity made it possible to review the capacities and expertise of the subsidiaries under Sonatrach in terms of oil services in all stages of oil operations, namely geophysics, exploration, drilling of wells, maintenance, construction, facilities and skills training,” he added.

Sonatrach’s capacities were presented to representatives of the Libyan partner, with a view to the group’s contribution to the return of Libyan production capacities to their usual level, according to Toufik Hakkar who stressed the need for a return “as soon as possible”. , especially as global demand for oil and natural gas is on the rise, he said.

Initialed by the CEO of the group, Toufik Hakkar and the Chairman of the Board of Directors of Noc, Mustafa Sanalla, this memorandum of understanding mainly aims at the return of Sonatrach to activity in Libya, by fulfilling its contractual obligations in the areas contracts 65 and 96/95 in the Ghadames basin.

“Our goal is to resume activity quickly and start developing the discovered fields,” said Toufik Hakkar during the signing ceremony.

“Through this agreement, we want to define a future vision to prepare development plans for the fields discovered in the two areas in Ghadames,” he added.

This agreement will also make it possible to strengthen cooperation in the areas of the realization of oil and gas projects, as well as services and training.

During this visit to Tripoli, the CEO of Sonatrach was accompanied by the general managers of subsidiary companies specializing in geophysics, drilling works, major oil works, well services, pipeline transport, civil engineering and construction.

On this occasion, Toufik Hakkar presented to Noc officials an overview of the Sonatrach group and the capacities of its subsidiaries in the field of oil services, highlighting “their competence and proven know-how”.

In this context, he underlined the readiness of the Algerians to develop twinned programs with the subsidiaries of the Noc and to create joint companies in research and exploration, drilling works, rehabilitation and maintenance of installations, training, as well as civil engineering and construction.

For his part, after giving an overview of oil activity in his country, Mustafa Sanalla welcomed Sonatrach’s decision to resume activity in Libya as an “important” partner in the field of energy and assured its firm desire to support the Algerian subsidiaries in the oil services market in Libya.

The two parties having agreed to prepare partnership programs in various fields such as geophysics, geology, drilling, welding and inspection.

Source: Algeria Press Service

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