Algeria’s National Oil Company, Sonatrach, is resuming exploration activities in Libya, with the firm signing two amendments to the existing Exploration and Production Sharing Agreement (EPSA) with the Libyan National Oil Company (NOC) for Area 95/96 and Area 65 in the Ghadames Basin.
Signed by Farhat Bengdara, Chairman of the NOC and Rachid Hachichi, General Director of Sonatrach, the deal includes an extension of the EPSA to make up for the observed several years of shutdown. The amendments enable Sonatrach to fulfil its contractual obligations.
A Memorandum of Understanding (MoU) was also signed which would see the parties cooperate on the development of unexploited marginal fields, oil and gas recovery techniques and renewable energy. The MoU also covers knowledge exchange between the respective national oil companies.
