Algeria, TotalEnergies sign new contracts

Algeria's state oil company Sonatrach said it had signed contracts to boost gas production under an existing agreement worth about US$740 million with French giant TotalEnergies.The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe, the company said in a statement.They also signed "a memorandum of understanding in the field of energy transition and renewable energies", it added.Under existing contracts the companies exploit the Tin Fouye-Tabankort area's TFT II and TFT South fields to produce gas, liquefied petroleum gas (LPG) and condensate.Sonatrach recalled that "the TFT II contract provides for development investments for an amount of US$332 million, permitting the recovery of 43 billion cubic metres of gas, 4.3 million tons of condensate and 5.7 million tons of LPG".It added that "the development investments of the second agreement, TFT South, are estimated at US$407 million, with a recovery of 11.5 billion cubic metres of gas, 1.3 million tons of condensate and 1.6 million tons LPG".Sonatrach said that the new contracts signed will bring the combined production of TFT II and TFT South to more than 100 000 barrels oil equivalent per day by 2026 against a current production of about 60 000 BOE.The agreements also extend commitments between Sonatrach and TotalEnergies for the purchase and sale of liquified natural gas, the statement added without providing figures.The latest contracts will enable both companies to "play a major role in supplying gas to the French and European market", the statement added.The deals were signed in Algiers by Sonatrach CEO Toufik Hakkar and TotalEnergies head Patrick Pouyanne.-Fin24

Algeria, TotalEnergies sign new contracts

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