The National Oil Corporation (NOC) of Libya has announced that the newly established joint operating company, Sarir Oil Operation (SOO), will assume operatorship on the Contract Areas 91 and 107 (formerly 96 and 97) which used to be operated by the German company, Wintershall.

The SOO was established in 2010 as a joint-venture company owned by the National Oil Corporation (NOC) and Winterhshall Company (WIAG). An EPSA Agreement was signed as a result of the Memorandum of Understanding (MoU) which was approved in 2010. The National Oil Corporation then commenced negotiations with Wintershall Company to implement this Memorandum of Understanding. These negotiations took thirty months of continuous discussions and finally reached a successful version of EPSA on December 12, 2019.

During the last few months, operations were under the supervision of the Wintershall to finalise the establishment and registration requirements of Sarir Oil Operations. Most of the employees have already been transferred to Sarir Oil Operations to continue conducting the activities of the company.

The NOC Chairman of the Board of Directors, Engineer Mustafa Sanalla said the SOO will add to the existing operating companies in the oil and gas sector. He said, “we would also like to thank and congratulate all who contributed to finalizing this work under these difficult circumstances that our country goes through. We wish the Company all the best in performing its business as stipulated in the frame of EPSA Agreement.”