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Sonatrach signs 5 contracts $:
Algeria has crossed the last stage on the allocation process of five hydrocarbon exploration permits to foreign companies on Monday on Monday. However, After the launch of the Algeria Bid Round 2024 call for tenders. Therefore, the first of its kind since the promulgation of the new hydrocarbon law of 2019, then the opening of the folds on June 17, Algeria signed contracts and the delivery of award decisions with the selected foreign companies took place this Monday, July 21.
The signature ceremony took place in the presence of the Minister of Energy. Moreover, Mines and Renewable Energies, Mohamed Arkab, at the Sonatrach seat in Hydra on the heights of Algiers.
“These five contracts are part of the results of the Algeria BID Round 2024 which led to the award of five out of six sonatrach signs 5 contracts $ blocks proposed. with contracts lasting 30 years, including seven for exploration work, for a minimum investment estimated at $ 606 million,” said the Ministry of Energy in a press release.
The five blocks concerned are: – Sonatrach signs 5 contracts $
1- Guern el Guessa II who encompasses the wilayas of Béchar. Beni Abbès, El Bayadh, Timimoun. This perimeter is awarded in the form of a participation contract between Sonatrach and Sinopec (China).
- Zerafa 2 (Adrar, El Menia, in Salah, Timimoun): production sharing contract with Zhongman Petroleum and Natural Gas Group (Zpec).
- Ahara (Illizi): production sharing contract with Qatarenergy and Totalenergies EP Algeria.
- Reggane (Adrar): production sharing contract with PTTEP Algeria and Eni Algeria.
- Toual (Ouargla, Illizi): Participation contract with Zangas and Filada.
The Ministry of Energy explains that these results testify to “the attractiveness of the new investment climate in Algeria. supported by a modern and flexible legal framework and a sonatrach signs 5 contracts $ clear strategy aimed at strengthening value -added partnerships, especially in the fields of exploration and exploitation of hydrocarbons”.
“These results testify to the confidence of investors in the potential of the Algerian mining field. confirm the attractiveness of law nᵒ 19-13 relating to hydrocarbon activities,” commented the Sonatrach group.
These investments relate to “processing. reprocessing 2D and 3D seismic data on an area equivalent to 35,000 km², the drilling of 32 exploration and delineation wells, as well as the assessment of resources estimated at 400 billion cubic meters of gas in place”, according to the newspaper El Moudjahid.
Attractiveness of Algeria
“This program aims to explore all of the existing oil. gas resources, as well as to confirm the potential of discoveries already made,” said the boss of the Algerian oil giant Rachid Hachichi.
Algeria thus affirms its “commitment to supporting sustainable investments in the energy field to strengthen the sonatrach signs 5 contracts $ contribution of this. sector to economic development”. Algeria also seeks to “consolidate its reliable and promising international destination position for hydrocarbons worldwide”, according to the press release.
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