The National Oil Corporation (NOC) has signed a memorandum of understanding with the Algerian state-owned oil and gas company Sonatrach to resume its activities in Libya after a hiatus that lasted for years.
Sonatrach said in a statement Thursday that the MoU aims to resume Sonatrach's activity in Libya, complete its contractual obligations, start developing the discovered fields, and enhance ways of cooperation in the areas of oil and gas projects, as well as services and training.
The MoU was preceded by a meeting held in Tripoli between the NOC Chairman Mustafa Sanalla and the CEO of Sonatrach, Tawfiq Hakkar.
Sanalla said in a joint press conference with Hakkar that the resumption of Sonatrach's operations in Libya offers hope in light of its efforts to develop existing fields and explore others, which encourages both sides to play a role in stabilizing international gas markets and export to Europe.
"The visit of Sonatrach officials is evidence of the stability of the situation in Libya, Sanallah added, referring to the cooperation between the two sides in the fields of drilling, exploration, and training.
He noted that the company operates in both the Ghadames Basin and Murzuq Basin, saying it is possible to develop and invest in the sites in which the company operates.
Regarding the Hamada region, he said there are hopes to increase production in the field in light of the increase in global demand for gas.
The two sides can play a role in stabilizing energy and gas markets, as well as exporting to Europe, which fears the interruption of Russian gas supplies as a result of political differences between Moscow and the EU against the background of the Ukraine crisis, Sanalla added.
