Algeria's Sonatrach Pens MoU with Lukoil

Algeria's national oil company Sonatrach announced on May 4 it had signed a memorandum of understanding (MoU) with Russia's Lukoil on possible joint investments in exploration and production in Algeria – the latest in a series of deals it has reached with foreign investors.

The MoU also covers potential international upstream joint projects, Sonatrach said.

Algeria is seeking international investors to revitalise its oil and gas industry and reverse declining production. It introduced a new hydrocarbon law in January to help attract partners. It has also signed MoUs over the past two months with Chevron, ExxonMobil, Russia's Zarubezhneft and Turkey's TPAO.