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.
Oil rose the most in more than two weeks as the US imposed more sanctions targeting Iranian crude and OPEC+ made progress on a deal to keep output off the market.
Three compression stations will be built at the field, coming on line between October 2026 and April 2027. The project is designed to conduct an overall upgrade to the field’s gas gathering and processing network.
On May 23, 2024, SONATRACH and the U.S.-based company ExxonMobil finalized a Memorandum of Understanding at SONATRACH’s General Management headquarters. Present at the signing were Mr. Rachid HACHICHI, President and CEO of SONATRACH, and Mr. John ARDILL, Vice President of Exploration & New Opportunities at ExxonMobil.
TotalEnergies and SONATRACH have signed a Memorandum of Understanding to conclude an oil and gas contract in the north-east Timimoun region, under the aegis of Law n°19-13 governing oil and gas activities.
OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
Algeria’s state oil and gas firm Sonatrach has plans for a $1 billion project for natural carbon storage through planting 420 million trees over 10 years, Algeria’s Ennahar TV reported on Monday, citing Energy Minister Mohamed Arkab as saying.
Indonesian Government-backed energy company Pertamina has secured a long-term extension to its contract to develop the Menzel Ledjmet Nord (MLN) oil and gas block in Algeria.
Nigeria produced the most crude oil, followed by Algeria and Angola. Nigeria, Angola, and Algeria have three of the ten largest crude oil fields in Africa in terms of production in 2022.
Nigeria’s gas export dropped to one million tonnes in January, representing 35 per cent decline year on year, and lower than export volumes by Algeria.