The Chairman of the National Oil Corporation (NOC), Farhat Bengdara, and the General Director of the Algerian Sonatrach Company, Rachid Hachichi, signed the annexes to extend the "IPSA" agreements for Area “95/96” and Area “65”, located in the Ghadames Basin, western Libya.
The signing took place during a meeting between Bengdara and Hachichi at the National Oil Corporation’s main headquarters in Tripoli, in the presence of a number of Sonatrach officials, on the sidelines of the Algerian company’s delegation’s participation in the activities of the second session of the Libya Energy and Economic Summit 2024.
NOC said on its Facebook page that the meeting was devoted to following up on what had been accomplished between the two sides so far, as part of Sonatrach’s efforts to resume its exploration activity in Libya after it announced the lifting of the state of force majeure on November 7, 2023.
NOC explained that the two sides signed the annexes to compensate for the suspension period due to the force majeure situation so that Sonatrach can return to completing the remaining contractual obligations as soon as possible.
It added that the two sides also signed the first amendment to the memorandum of understanding signed between the NOC and Sonatrach on February 10, 2022, which included extending the period of the memorandum of understanding for two years, expanding the areas of technical cooperation in the oil and gas industry and alternative energies, as well as training and exchanging experiences.
Sonatrach expected that the annexes to the memorandum of understanding signed between the two parties since February 2022 and signed by its General Manager with Bengdara Sunday would contribute to enriching cooperation between the two parties by integrating new areas of activities represented in the exploration and development of traditional and unconventional resources.
