The Algerian company Sonatrach has returned to Libya and will resume its oil and gas exploration operations in this country, after the disappearance of the “situation of force majeure”, which prevented the company from operating earlier, according to a press release published on January 14, 2024, by the Libyan press agency “WAL”.
The Algerian public company and the Libyan National Oil Company ( NOC ) signed yesterday in Tripoli a memorandum of understanding and annexes to extend the IBSA agreements for zone 95/96 and zone 65, in the Ghadamès basin, in Libya, to compensate for the suspension period due to the force majeure situation.
The NOC stated that the objective is to allow Sonatrach to resume fulfilling its contractual obligations as soon as possible.
The new annexes help strengthen cooperation between the two parties in the exploration and development of traditional and unconventional resources.
The agreement also provides for the development of oil and gas exploration for unexploited marginal fields, the implementation of secondary and tertiary recovery techniques for depleted reservoirs, in addition to the development of activities related to renewable energy and the exchange of experiences.
Note also that a delegation from Sonatrach participated on Sunday 14th in the activities of the second edition of the Energy and Economy Summit in Tripoli.
During the summit, the Libyan Foundation, organizer of the event, invited all foreign companies to participate in the investment opportunities available in Libya.
