Toufik Hakkar, the Chief Executive Officer of the Algerian National Oil Company (NOC), Sonatrach, stated on Monday, January 3rd, 2022, that the company is preparing to resume its suspended oil projects and activities in Libya, which were put on hold due to the country’s deteriorating security situation.
The NOC is working with its partners in Libya to provide a safe operating environment for its staff and equipment, according to the release, with plans in place for travels to Libya to negotiate Sonatrach’s return.
Sonatrach made significant investments in oil and gas exploration in Libya up until its abandonment in 2014, according to the Chief Executive, signalling that the company does not intend to abandon these explorations.
Sonatrach also said that between 2022 and 2026, it will invest around $40 billion in oil exploration, production, and refining, as well as gas exploration and extraction. “The largest share of these investments will be directed to exploration and production in order to maintain national production capabilities,” he said
The NOC’s four-year plan includes the development of Algeria’s Hassi Messaoud refinery, the country’s largest oil field, as well as an extension of Algeria’s Skikda refinery, the continent’s largest oil refinery for the conversion of diverse by-products into fuels.