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Total & Repsol Signed a Contract to Extend the TFT Gas Field License

Source: www.gulfoilandgas.com 6/11/2018, Location: Africa

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Sonatrach, Total, Repsol and Alnaft (the National Agency for the Valorisation of Hydrocarbon Resources), have signed a new concession contract for a period of 25 years to extend the exploitation of the Tin Fouye Tabankort (TFT) gas and condensate field. This new contract(1), which will become effective upon the approval by the relevant Algerian authorities, will give Total a 26.4% interest alongside Sonatrach (51%) and Repsol (22.6%). The companies have also signed a gas marketing agreement.

The partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250 million barrels of oil equivalent. These investments will allow to maintain the production of the field, which is currently over 80,000 barrels of oil equivalent per day for 6 years.

"Today’s agreements mark a new milestone in the implementation of the comprehensive partnership agreement signed between Sonatrach and Total in April 2017, and strengthen the strategic cooperation between the two companies. As a historical partner of the TFT field, Total will continue to provide the best of its technological expertise to keep developing the reserves of this gas field. This project is in line with the Group's strategy to grow its gas production in competitive conditions, “ commented Patrick Pouyanné, Chairman and CEO of Total.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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