Sonatrach-Cepsa: One-billion-dollar investment deal approved

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Council of Ministers, met, Wednesday, under the chairmanship of President of the Republic Abdellaziz Bouteflika, adopted three presidential decrees relating to contracts for the exploration and development of oil fields, including a partnership between national oil corporation Sonatrach and Spanish company Cepsa with an investment of nearly 1.2 billion dollars.

 

The Council of Ministers  examined and adopted three presidential decrees relating to contracts for the exploration and exploitation of oil fields.

The first decree relates to a contract signed in January 2018 involving national oil corporation SONATRACH, and the company CEPSA on the extension of the production of the field called “Rhourde El Khrouf”. This investment will mobilize nearly 1.2 billion USD.

The second decree concerns an amendment to a contract associating national oil corporation SONATRACH, and its partners “TOTAL” and “REPSOL”, for the exploration and exploitation of the perimeter denominated “Tin Fouyé Tabenkort II”, with an investment of 320 million USD.

Finally, the third decree allows the early revocation of the contract binding national oil corporation SONATRACH and its partners TOTAL and REPSOL regarding an area called “Tin Fouyé”. This revocation will allow the implementation of the “Tin Fouyé Tabenkort II” perimeter contract.

In reviewing these three texts, President Abdelaziz Bouteflika called on the Government, particularly the energy sector, to intensify efforts to explore the country’s hydrocarbon capacity so as to continue to provide the country with financial resources for the financing of national development.

The Head of State also called for greater dynamism in the development of renewable energies, a major program adopted three years ago.
 

APS

 

 

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