Algerian Sonatrach and Libyan NOC to jointly operate oilfields on mutual borders
Algerian Sonatrach signed Monday an agreement with the Libyan National Oil Corporation (NOC) to run a number of oilfields located on the borders between the two countries, according to a statement on the NOC website.
According to the agreement was a further step on the ground after a study that was carried out on 2006 concerning Al-Rar and Al-Wafaa oilfields that are located on the borders between Algeria and Libya. Al-Rar gas field is located on the Algerian side of the border, while Al-Wafa oilfield is located on the Libyan side of the border.
“If it was proved that the two fields are in fact one field, they will be run and managed jointly by the two countries,” A source from Sonatrach told Anadolu Agency.
“Through the agreement, the two companies decided to update the old study using the technical data collected from January 2008 to present,” the source clarified, adding that the two companies are also seeking to achieve the optimal utilization for the two fields through the agreement.
Sonatrach have been halting all its projects and investments in Libya since 2011.