French energy group Total and state-run oil and gas firm Sonatrach have signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture, Total said.
Following the 25-year contract, Sonatrach and Total will develop the reserves of Erg Issouane, located on the TFT Sud permit in Algeria, estimated at more than 100 million barrels of oil equivalent.
“Today’s agreements mark a new milestone in the development of the strategic partnership between Sonatrach and Total to continue developing the country’s gas reserves by providing the best of our technological expertise,” Total Chairman and Chief Executive Patrick Pouyanné said in a statement.
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