ALGERIA’S SONATRACH SIGNS DEAL WITH PARTNERS TO EXTEND LIFE OF GAS FIELD

ALGIERS, Algerian national hydrocarbon company Sonatrach has signed an agreement with its partners Total of France and Repsol of Spain for exploration work in the area of Tin Foye Tabankort in Hassi Messaoud in eastern Algeria.

The agreement provides for the execution of an additional programme of 324 million US dollars over a period of 25 years and financed 51 per cent by Sonatrach, 26.4 per cent by Total and 22.6 per cent by Repsol.

This additional development programme will allow production of the Tin Foye Tabankort gas field which currently stands at more than 80,000 barrels oil-equivalent per day to be maintained for the next six years, or a total of 3.0 billion cubic metres, recovering additional hydrocarbon reserves estimated at more than 250 million oil-equivalent barrels.

The partnership among the three partners provides for the execution of a programme of additional works comprising notably the drilling of eleven new wells, the implementation of an upstream low-pressure compression unit and the optimization of the surface network and the factory functioning.

Source: Nam News Network

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