Algerian national oil company (NOC), Sonatrach, is preparing to resume its suspended oil projects and activities in Libya following a suspension due to the deteriorating security situation in the country.
Announced by Sonatrach CEO, Toufik Hakkar, on 3 January, it was stated that the NOC is working with its partners in the north-African country to create a safe working environment for its employees and equipment, with plans currently in place for visits to Libya to negotiate Sonatrach’s return.
Hakkar outlined important investments in oil and gas exploration that Sonatrach had developed in Libya up until the abandonment of its activities in 2014, indicating that the company does not intend to leave these explorations undeveloped.
What’s more, Sonatrach has also announced that the company will invest an estimated $40 billion between 2022 and 2026 for oil exploration, production, and refining, as well as gas exploration and extraction, of which “The largest share of these investments will be directed to exploration and production in order to maintain national production capabilities,” stated Hakkar.
The NOC’s four-year plan will include the development of the Hassi Messaoud refinery in Algeria, the largest oil field in the country, as well as an extension of the Algerian Skikda refinery, the largest oil refinery on the continent, for the purpose of converting various by-products into fuels.