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FINANCIAL NEWS
Algeria’s Sonatrach back to Libya in June
06 Jun 2012
(MENAFN) Algeria’s oil and gas firm Sonatrach is set to continue with its exploratory drilling in Libya by the end of this month, after it stopped operations on the wake of last year’s political unrest, Reuters reported.
Sonatrach has exploration rights in the Ghadames basin, near the border between the two neighboring countries.
Sonatrach’s overseas unit will start drilling a fifth well at block 65, one of two blocks it is exploring in the Ghadames basin, said an energy official on condition of anonymity.
Other energy firms are coming back to Libya, despite concerns over security and the possible revise of contracts signed during the time of ousted leader Muammar Gaddafi.
Oil major BP last week announced it would be resuming exploration work on its concessions in Libya, home to Africa’s largest proven oil reserves.
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