On Monday, Algeria’s state-owned energy company, Sonatrach and Libya’s National Oil Corporation (NOC) agreed to resume exploration operations in the Ghadames Basin.
This decision comes following the lifting of the force majeure status in August.
In a statement, the agreement to resume activities in Libya was reached during a telephone call between Rachid Hachichi, the CEO of Sonatrach, and the Chairman of the NOC, Farhat Bengdara.
As part of this agreement, both parties have decided to hold a high-level meeting in Tripoli, on 7 November.
The meeting aims to formalize the contractual commitments of Sonatrach in the exploration areas 065, and 96/95 in the Ghadames Basin. It will also address ways to enhance the bilateral partnership, and strengthen cooperation between the two companies, as reported by the Arab World News Agency.
In August, the NOC announced that Sonatrach agreed to lift the force majeure on its contracts in Libya. This marked a significant milestone in Libya’s oil and gas sector.
Sonatrach declared the resumption of its activities, and the completion of its contractual commitments in the Ghadames Basin. This move has signalled a positive trend within the industry, with major players showing renewed confidence in the stability and potential of Libya’s oil sector.
Furthermore, the NOC declared that a number of international oil corporations have lifted their respective force majeure, indicating a restart of their Libyan operations.
Specifically, Italy’s energy heavyweight Eni and the UK’s British Petroleum have given official notifications to the NOC, about their intent to resume exploration activities and meet their contractual obligations in both the Ghadames Basin, and the offshore “C” block.
These positive developments follow the NOC’s invitation last December, urging international corporations with signed agreements to lift any imposed force majeure, due to previous instabilities.
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