Sonatrach Chairman and CEO Toufik Hakkar and ENI Chairman and CEO Claudio Descalzi met on July 1 in Algiers to discuss the progress of their partnership projects. During this meeting, the two parties signed a memorandum of understanding (MoU) to identify the possibilities of investing jointly in the exploration and production of hydrocarbons in Algeria under the new Hydrocarbons Law. The MoU also covers the examination of international exploration and production opportunities.

Further, three gas agreements were also signed relating to the marketing by Sonatrach, on behalf of the parties, of dry gas from the Ourhoud 2, Sif Fatima 2 and Zemlet El Arbi perimeters, with an annual volume of nearly 1.5 billion m3 until 2049.

An addendum to the Gas Sales Contract was signed between the two companies, setting the commercial conditions for the gas year 2020-2021. The said contract, dating from 1977, was renewed in May 2019 for the supply of the Italian market for a period of 8 firm years until 2027, plus two additional optional years.

Renewable energy was also under discussion and studies for the realization of new photovoltaic power plant projects like that carried out at the BRN production site will be started shortly.

 

Source: Petroleum Africa

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