The official Algerian news agency APS announced on Twitter on Saturday that Algeria’s Sonatrach oil and gas group and Chinese oil and gas business Sinopec Oil & Gas Limited (SOOGL) had inked a $490 million oil production sharing agreement in Algeria’s southeast section.
The 25-year agreement calls for a “project expected to produce roughly 95 million barrels of crude oil” at the Zarzaitine location in Illizi province, according to the agency.
Sonatrach Group announced a $40 billion investment in oil exploration, production, and refining, as well as gas exploration and production, from 2022 to 2026, in response to a sharp drop in oil and gas exports in the previous two years due to mismanagement and underinvestment in the country’s oil and gas industry.
source: reuters.com
