An agreement of understanding was signed Today, Thursday, February 10, 2022 between the National Oil Corporation and the Algerian Sonatrach, where the Chairman of the Board of Directors of the Corporation, Mustafa Sanalla, and the President and General Manager of the Algerian Sonatrach company, Tawfiq Hakkar, to complete its previous contractual obligations and the development of the discovered fields.

Sanalla also clarified that this meeting comes within the framework of the continuous consultation between the Corporation and the Algerian Sonatrach, to achieve the common interests between the two institutions by virtue of the neighborhood and the great experience of Sonatrach, as well as its contributions during the seventies in the development of the Libyan oil sector on several levels such as drilling, exploration and refining, and capacity-building. The Corporation relies on the Algerian expertise and invites it to contribute to the reform of infrastructure and oil transmission lines, and the rehabilitation and construction of reservoirs.

In addition, Libya and Algeria are rich in great potentials of oil and gas, which gives good opportunities for investment, in addition to the importance of the geographical location of the two countries, and enables them to enhance energy stability in the Mediterranean and Europe, especially in light of the crisis that Europe is witnessing in the provision of gas. Libya’s gas discoveries, specifically in the Hamada area, which the Corporation seeks to put on production, stressing that the demand for energy will remain major and continuous, expressing the Corporation’s aspiration to strengthen the relationship with Sonatrach and open new partnerships that serve the public interest of the two institutions.