The Algerian national oil company, Sonatrach, is preparing to resume suspended oil projects in Libya, the state news agency APS reported on Monday.
The Algerian company is currently working with its partners in Libya to create safe conditions for its workers and equipment, Sonatrach’s CEO Toufik Hakkar said in an interview with state TV channel AL24 News, adding that visits to Libya are planned before the end of February to negotiate Sonatrach’s return.
According to the weekly energy newsletter Middle East Economic Survey (MEES), Sonatrach was forced to abandon its exploration activities on the Libyan side of the Algeria-Libya border in 2014 due to the deteriorating security situation.
In Sunday’s interview, Hakkar added that Sonatrach also intends to invest an estimated $40 billion in its energy sector between 2022 and 2026.
“The largest share of these investments will be directed to exploration and production in order to maintain national production capabilities,” Hakkar said.
