Sonatrach, Libyan NOC seal deal on management of transboundary hydrocarbon deposits

January 16th, 2018



ALGIERS- Sonatrach and Libya’s National Oil Company (NOC) signed Monday in Algiers a framework agreement to boost their cooperation in the management of transboundary hydrocarbon deposits, Sonatrach said in a statement.
The framework agreement is meant to update a 2006 survey on the two transboundary deposits of Alrar and Wafa.
In September 2006, a joint survey about the two deposits was carried out with the consulting cabinet DeGolyer and MacNaughton (D&M).
The survey was aimed to confirm communication between the two deposits and its impact, based on data transmitted by Sonatrach and NOC.
The two companies will update the 2006 survey using technical data received from January 2008 to date.
In addition, the two sides discussed bilateral cooperation and partnership, including exploration of business and investment opportunities, especially in the hydrocarbon field.