German oil and gas producer Wintershall Dea’s affiliate Wintershall Aktiengesellschaft (WIAG) has transferred operatorship of Sirte Basin fields in Libya to a newly formed joint venture ‘Sarir Oil Operations’.
The new company is a joint venture (JV) involving Libya’s National Oil Corp (NOC) and WIAG.
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WIAG has transferred control of Contract Areas 91 and 107 in the onshore Sirte Basin.
Oil production in the fields located in Contract Areas 91 and 107 had been suspended since January this year due to blockade on Libyan oil exports.
Following the signing of two exploration and production (E&P) sharing agreements in December, WIAG had ‘continued to transitionally operate the fields’, while Sarir Oil Operations was ready to assume operational responsibility
A press statement said: “Although the coronavirus pandemic and the conflict in Libya have posed additional significant challenges during the past months, NOC and WIAG are nonetheless convinced that as a result of a comprehensive and diligent transitional process, SOO has successfully been enabled to operate the fields in a reliable manner and in accordance with good oilfield practices.”
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By GlobalDataAccording to the German firm, the majority of the WIAG personnel transferred to Sarir Oil Operations.
Wintershall Dea has been producing crude oil in Libya since 1958.
In August, SONATRACH signed a memorandum of understanding (MoU) with Wintershall Dea to explore the possibility of cooperation in the exploration, development and production of hydrocarbons, both in Algeria and globally.
