Algeria’s state-owned oil and gas company Sonatrach will launch offshore drilling with France’s Total (NYSE: TOT) and Italy’s Eni (NYSE: E) on two sites in the east and west of Algeria at the start of 2019, its CEO said on Oct. 7.
“We should start drilling at the beginning of next year,” Abdelmoumene Ould Kaddour told reporters on the sidelines of a signing ceremony with Total for a petrochemical plant that will produce 550,000 tonnes of polypropylene per year.
“The potential is huge. We have gas in the east around Skikda, and oil in the west around Mostaganem,” he added.
Sonatrach and Total have also agreed to invest $406 million to boost the output of the gas field named Tin Fouye Tabankort Sud.
“Our partnership with Total is good and it allows us to implement our long term strategy,” Ould Kaddour told reporters.
Total Chairman and CEO Patrick Pouyanne said in a statement earlier on Oct. 7 that Total and Sonatrach had signed new agreements, including a contract to develop the Erg Issouane gas field.
Recommended Reading
Reuters: Northern Oil and Gas in Bid to Acquire Smaller Rival Granite Ridge, Sources Say
2024-12-20 - Northern Oil and Gas has made an acquisition offer for Granite Ridge Resources, according to people familiar with the matter.
STEP Energy Services Drops Go-Private Deal as Shareholders Balk
2024-12-20 - STEP Energy Services has terminated its agreement with ARC Energy Fund 8 to go private in an all-cash transaction for CA$5 per share.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
LandBridge Closes Deal for 46,000 Surface Acres in Delaware Basin
2024-12-20 - LandBridge Co., which held a successful IPO in August, added about 53,000 acres and now holds about 273,000 acres.
Northern Scores Early Mover Advantage with $2.6B Uinta Basin Deal
2024-10-24 - Northern Oil and Gas CEO Nick O’Grady said the Uinta Basin has stayed off the radar but a time may come when Utah’s best kept secret starts to heat up in the M&A market.