Algeria confirms intention to invest in Libya’s oil sector

Algiers, 5 June. The head of the Ministry of Energy of Algeria, Mohammed Arkab, confirmed the desire of the republic to invest in the oil and gas sector of Libya and complete exploration work, Libya Review reports.

Arkab made this statement during a meeting of oil ministers of member states of the Organization of Hydrocarbon Exporting Countries (OPEC). The round table was attended by President of the Algerian state energy company Sonatrach Toufic Hakkar and Algeria’s OPEC representative Ashraf Ben Hussein, as well as Libyan Oil Minister Mohammed Aoun, accompanied by Libya’s Permanent Representative to OPEC Mustafa Abdullah bin Issa.

The parties discussed cooperation in the field of shale hydrocarbon production. Aoun reviewed the prospects for the development of Tripoli’s oil and gas sector and the exploration program for the next phase. He also urged the Algerian companies to return to Libya soon and complete the exploration work.

In the coming weeks, an Algerian delegation will visit the National Oil Corporation (NOC) in Libya to facilitate the return of the branch manager of the energy giant Sonatrach to the country. Sonatrach will begin monitoring Tripoli’s oil operations and will set a timetable for the company’s return to activity in the country as soon as possible.

“Sonatrach contracts are located in areas adjacent to the Libyan-Algerian border, where oil operations at the Al Wafa field have not stopped and are considered a safe place. Algerian companies have investment opportunities to set up refineries due to Libya’s need to produce fuel for local use and export the surplus,” Mohammed Aoun said.

The Libyan Oil Minister also stressed the importance of cooperation with Algeria in the field of oil services such as general maintenance, drilling and laying production and gas lines.

Earlier, Arab media reported that Tripoli ranked third in Africa’s largest gold reserves for 2022. The reserves of the precious metal of the North African Republic are 117 metric tons, according to the global statistical portal Statista.