Gulf Oil and Gas accountACCOUNT

Algeria acquisition approved

Source: www.gulfoilandgas.com 12/23/2003, Location: Africa

Share |
The European Commission has concluded that the agreement by Statoil ASA (OSE: STL, NYSE: STO) to acquire 49 per cent of BP's interest in Algeria's In Salah dry gas project accords with European Union regulations. This brings the deal to its commercial closure.

Statoil and BP signed two purchase agreements in June one covering In Salah and the other giving the group 50 per cent of BP's holding in Algeria's In Amenas gas condensate field.

Both contracts were approved in October by Sonatrach, the Algerian state oil and gas company, but the In Salah deal also had to be submitted to the European Commission for consideration. That assessment has concluded that the contract accords with EU regulations.

This agreement also requires the approval of the Algerian Ministry of Energy and Mines as the national oil and gas industry regulator.

Statoil and BP are to collaborate with Sonatrach over both In Salah and In Amenas.

Totalling USD 740 million for the interests in both projects, the purchase price was paid in October for In Amenas and December for In Salah.

Statoil will hold 31.85 per cent of the revenue sharing contract for In Salah, and 50 per cent of the production sharing agreement covering In Amenas.

The agreement marks the group's entry to the Algerian market, and will provide an important platform for future growth in this country.

Statoil's gross (equity) share of reserves in the two fields is estimated at 944 million barrels of oil equivalent. This corresponds to 300-400 million barrels of oil equivalent in net (entitlement) reserves.


Gas Processing >>

Gas Processing News in Algeria >>

Nigeria >>  8/1/2018 - KBR, Inc. has been awarded an LNG FEED contract by Nigeria LNG (NLNG) for further expansion of the Bonny Island LNG plant at Bonny Island, Nigeria. ...
Egypt >>  7/24/2018 - HA Utilities, the utilities arm of leading regional construction and engineering group Hassan Allam Holding (HAH) is entering a joint venture (JV) wit...

Morocco >>  7/23/2018 - Sound Energy, the Moroccan-focused upstream gas company, announces, following the initial success in Eastern Morocco and in anticipation of the forthc...

Related Categories: Deodorization system  Gas dehydration  Gas sweetening  Gas Treating  General  GTL Processing  LNG Processing  LPG Domestic use  LPG Odorless  Packing  Phase Separation  Scrubbers 

Related Articles: Gas dehydration  Gas sweetening  Gas Treating  General  GTL Processing  LNG Processing  LPG Domestic use  LPG Odorless  Packing  Phase Separation  Scrubbers 


Algeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

 

Oil & Gas Companies in Algeria >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.