Sonatrach, the Algerian state-owned oil and gas company, has announced its return to Libya after a hiatus of several years. Sonatrach President Rachid Hachichi announced this important development during his first visit to Libya after being appointed CEO of the company.
During his meeting with Farhat Ben Qaddara, Chairman of the Board of the National Oil Corporation, Hachichi confirmed that Sonatrach is ready to return and work strongly in Libya after it lifted force majeure in its exploratory areas.
The two parties discussed ways to enhance cooperation in investment opportunities and developing Sonatrach’s production operations in Libya. Hachichi confirmed Sonatrach’s intention to return strongly to the Libyan oil sector to complete exploration and production work, announcing the opening of a Sonatrach office in Libya.
According to the Algerian company, this step came after the official notification regarding the end of the state of force majeure, and in response to the invitation of the National Oil Corporation addressed to international companies operating in the oil and gas field in Libya.
Sonatrach suspended its activity in Libya in 2015 due to the deteriorating security situation in the country. However, in 2022, Sonatrach and the Libyan National Oil Corporation signed a memorandum of understanding allowing the Algerian company to resume its activities in Libya.