Sonatrach Pens More Deals with International Firms
Algeria's Sonatrach has signed memoranda of understanding (MoUs) with Austria's OMV and Spain's Cepsa on potential joint exploration and production projects, it said on July 30.
The Cepsa deal also covered possible joint activities internationally. Cepsa already works in Algeria's Berkine basin, where it is partnered with Sonatrach and France's Total at the Timimoun gas field which came on stream in 2018. OMV is not active in the country, although it does operate the Nawara gas field in neighbouring Tunisia, which started production in February.
Algeria wants to forge new partnerships with foreign oil companies to expand its oil and gas production, having passed a new hydrocarbon law late last year that has helped generate interest. Since then it has signed MoUs with a number of firms including Chevron, ExxonMobil, Lukoil and Turkish Petroleum. It is sitting on very large shale gas resources.