Sonatrach, Algeria’s state oil company and its partners have announced their decision to invest $4bn in onshore blocks 404 and 208, located in the prolific Berkine basin in Eastern Algeria.
Sonatrach, Algeria’s state oil company and its partners have announced their decision to invest $4bn in onshore blocks 404 and 208, located in the prolific Berkine basin in Eastern Algeria. A production sharing contract (PSC) was signed between Sonatrach and its partners, Occidental of US, France’s Total Energies and Italy’s Eni.
The PSC agreement, which has been signed under Algeria’s new hydrocarbon law of 2019 is expected to lead to additional recovery of more than one billion barrels of oil equivalent of hydrocarbons from the two blocks. The partners have agreed to carry out high-density 3D seismic acquisitions, the drilling of 100 oil wells, and the conversion of 46 wells into WAG process wells. The agreement also includes undertaking studies of master plans and installation optimisation, the implementation of digitalisation solutions for oilfields, implementing two enhanced oil recovery pilot projects, and undertaking environmental projects to help reduce the CO₂ footprint. The partners will also assess the possibility of increasing the export potential for Europe.
Also read;
https://trendsnafrica.com/eni-and-sonatrach-pilot-project-to-produce-green-hydrogen-in-algeria/
https://trendsnafrica.com/sonatrach-renews-gas-supply-deals/
https://trendsnafrica.com/europe-seeks-gas-deals-with-algeria-to-sidestep-russia/
