Sonatrach to Resume Operations in Libya: Key Meeting Scheduled for November 7 in Tripoli
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BY: Hana Saada
Algiers, October 31, 2023 – In a significant development, Sonatrach, the Algerian national hydrocarbon company, is gearing up to recommence its operations in Libya. The company has announced a pivotal meeting set for November 7, to be held in the capital city of Tripoli, with the Libyan National Oil Corporation (NOC). This meeting aims to formalize the reinitiation of Sonatrach’s activities in Libya, following the recent lifting of the force majeure.
The decision to convene this crucial meeting was reached during a telephone discussion between Rachid Hachichi, the CEO of Sonatrach, and Farhat Omar Ben Guedara, the Chairman of NOC’s Board of Directors. This conversation centered around the resumption of Algerian company’s operations in Libya, marking a significant milestone in the relationship between the two energy giants.
This latest development follows Sonatrach’s recent notification of the lifting of the force majeure, in response to an invitation extended by NOC to all international companies operating in the oil and gas sector in Libya. This positive step paves the way for the formalization of Sonatrach’s commitments related to exploration activities in the Ghadamès Basin, specifically in Blocks 065 and 96/95.
Both parties have expressed their commitment to conducting a high-level meeting on November 7, 2023, in Tripoli. The primary objective of this meeting is to finalize the process for resuming contractual obligations in the specified blocks, marking a significant milestone in the energy industry’s landscape.
In addition to the exploration activities, discussions will also encompass ways to further strengthen bilateral partnerships and cooperation between Sonatrach and NOC. This not only underlines the strategic importance of the reinitiation of Sonatrach’s activities but also signals a commitment to strengthening the economic and diplomatic ties between Algeria and Libya.
It’s worth noting that Sonatrach is not alone in its endeavors to re-enter the Libyan market. In August of this year, three prominent oil companies, including Sonatrach, made similar announcements about the resumption of their operations in Libya. The NOC issued a statement confirming receipt of notifications from Sonatrach, as well as Italian company Eni and British Petroleum (BP). These notifications signaled the lifting of force majeure and the intent to recommence exploration activities and fulfill contractual obligations in blocks located in the Ghadamès Basin and offshore in Block C.
The forthcoming meeting between Sonatrach and NOC is not only a significant step for the energy sector but also a testament to the potential for further collaboration and cooperation between Algeria and Libya. The outcomes of this meeting are anticipated to shape the trajectory of both companies and hold broader implications for the regional energy landscape.
