BY: Hana Saada
ALGIERS- In a significant move to fortify energy cooperation, Mr. Rachid Hachichi, the Chief Executive Officer of Sonatrach, and his counterpart at the Libyan National Oil Corporation, Mr. Farhat Omar Ben Qaddara, have signed a memorandum of understanding (MoU) between the two entities. Additionally, both parties have inked amendments extending the exploration periods for blocks 95/96 and 65 in the Ghadames Basin, Libya.
The MoU signifies a commitment to enhancing collaboration and furthering mutual interests in the oil and gas sector. The agreement aligns with the shared objectives of Sonatrach and the Libyan National Oil Corporation to strengthen their strategic partnership and promote sustainable development in the energy domain.
The extension of exploration periods in the Ghadames Basin underscores the commitment of both organizations to optimizing the potential of these key blocks. The Ghadames Basin, known for its significant hydrocarbon resources, remains a focal point for exploration and production activities, and the agreement reflects the continued investment in unlocking the region’s energy reserves.
This development marks a positive step in the longstanding cooperation between Sonatrach and the Libyan National Oil Corporation, contributing to the broader goals of energy security and economic growth in the region.
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