Has Algeria’s Sonatrach Struck Oil in Libya?

Libya Herald reports that Algeria’s state-owned Sonatrach may become the first international company to announce a discovery from oil exploration started after the fall of the Gaddafi regime.

Unconfirmed reports suggest the company has made its third discovery at Area 65 in the Ghadames Basin, an area in which it made two discoveries in 2009 and 2010.

Sonatrach have been one of the most eager companies to get back into Libya since the revolution, putting in a lot of work to rebuild links with the National Oil Corporation (NOC) following generally bad relations between the two countries due to Algeria’s support for the old regime and its decision to shelter members of the exiled Gaddafi family.

(Source: Libya Herald)

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