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Algeria's Sonatrach to Resume Libya Drilling in June

Source: Reuters 6/4/2012, Location: Africa

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Algerian state energy firm Sonatrach is to resume exploratory drilling in neighbouring Libya by the end of June after suspending work because of last year's uprising, an official in Algeria's energy sector said.

Sonatrach has exploration rights in the Ghadames basin, near the border between the two 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, the energy official said, speaking on condition of anonymity.

Algerian officials had announced last month that Sonatrach would return to Libya, but at the time it was not clear how quickly the company would be able to resume exploration.

Foreign companies are gradually going back to Libya, despite concerns over security and about the possibility the new authorities will review contracts signed during the rule 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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