Algeria’s state-run oil company Sonatrach
signed an agreement, Monday, with the Libyan National Oil Corporation
(NOC) to run a number of crude oil fields located on the borders between
the two countries.
The agreement included updating a study
that was carried out on 2006 concerning Al-Rar and Al-Wafa oilfields,
which located on the shared borders between Algeria and Libya, according
to a statement by Sonatrach.
Al-Rar gas field is located on the
Algerian side of the border, while Al-Wafa oilfield is located on the
Libyan side of the border.
An official at Sonatrach, who preferred
anonymity, told Anadolu Agency, said the study would “clarify the
hypothesis of the connection between the Algerian Al-Rar gas field and
the Libyan Al-Wafa oil field.”
“If it was proved that the two fields are
in fact one field, they will be run and managed jointly by the two
countries,” the source noted.
In September 2006, DeGolyer & MacNaughton (D&M)
conducted a study, which aimed at confirming the existence of a
connection between the two fields. The study depended on a data that was
provided by Sonatrach and NOC.
“Through the agreement, the two companies
decided to update the old study using the technical data collected from
January 2008 to present,” the source pointed out, adding that the two
companies are also seeking to achieve the optimal utilization for the
two fields through the agreement.
Sonatrach have been halting all its projects and investments in Libya since the 2011 Arab Spring.
The oil extraction industry in Libya has
been experiencing security hurdles, a fact that has led to a reduction
in the country’s daily oil production by 30 per cent.
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