Sonatrach and Sinopec International Energy Investment (HK) Holding have signed a hydrocarbons PSC worth USD 850 million for exploration and development in Algeria, the Algerian NOC announced.
The agreement follows negotiations under a memorandum of understanding signed on March 3, 2024, and aims to carry out a minimum research and appraisal programme to develop hydrocarbons in the Hassi Berkane North perimeter. The area is located between the provinces of Ouargla and El-Meniaâ, around 80 kilometres from Hassi Messaoud.
“Sonatrach remains committed to attracting international investment to boost our hydrocarbon sector,” Sonatrach CEO Rachid Hachichi said. “This agreement with Sinopec is a key step in strengthening our strategic partnerships and enhancing Algeria’s energy resources.”
Sinopec has been present in Algeria since 2002 and collaborates with Sonatrach on the Zarzaitine field to improve crude oil recovery rates.
Hachichi also revealed that Sonatrach is in negotiations with seven international firms for hydrocarbon contracts, including Sinopec, Italy’s Eni, France’s Total, US-based Chevron and ExxonMobil, as well as a Swedish company, according to the Algerian state news agency.
Source: theenergyyear.com