On Monday, the Algerian public oil company and the Russian company Lukoil signed a memorandum of understanding for discussions on possible production and exploration partnerships in the OPEC member country. The deal will also lead to talks on joint overseas investments, Sonatrach said in a statement.
It is the second time in less than a year that an agreement of this type has been signed by the public company. This is mainly the result of reforms that led to the adoption of a more flexible petroleum code for foreign investment, and welcomed by the industry as a whole.
A similar agreement has been signed with other foreign companies, including Exxon Mobil, Chevron and Zarubezhneft, in recent weeks. The company is seeking to attract large investors in order to relaunch stagnant production for several years, in an environment of constantly increasing domestic demand.
Source: Agence Ecofin