Libya NOC eyes partnership with Algeria's Sonatrach to boost production
Both parties agreed to form a joint working group to study common points of interest and opportunities for collaboration
Libya NOC Chairman Mustafa Sanalla met with Sonatrach CEO and Chairman Rachid Hachichi along with their respective delegations on 24 October to discuss potential joint cooperation between the two state oil companies.
A report from Libya NOC noted that Sanalla briefed the Algerian side on the Corporation’s plans to increase oil and gas production in Libya, and invited the Algerian side to contribute to the execution of those plans.
They also discussed potential joint cooperation to help Sonatrach resume its activities in Libya and strengthen joint relations in the oil sector. The NOC delegation expressed its gratitude for the company’s seismic surveying and exploratory drilling achievements, and urged Sonatrach to complete the development plan for block 65 and its commitments to blocks 95/96 in the Ghadames Basin.
Sanalla said that NOC would cooperate through the use of surface equipment and lines with available capacity, in order to reduce costs and to improve economic feasibility for both parties in accordance with the laws and regulations in force.
Hachichi stressed the importance of joint cooperation and confirmed that Sonatrach looks forward to strengthening joint cooperation and expanding its work in Libya. The two parties agreed to form a joint working group to study common points of interest and opportunities in the field of oil and gas. They also agreed that Sonatrach will take the necessary measures to accelerate the resumption of activities in Libya.