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Repsol Signs Exploration Agreement for in Algeria

Source: www.gulfoilandgas.com 1/18/2010, Location: Africa

Repsol and its partners Enel and GdF-Suez have signed an exploration and exploitation contract for the “Sud-Est Illizi” gas field in Southeastern Algeria with the Algerian National Agency for the Valorisation of Hydrocarbons Resources Alnaft and Sonatrach, the Algerian National Oil Company. The developing consortium is made up of Repsol (52.5%) Enel (27.5%) and GdF-Suez (20%).

The signature took place on Sunday January 17th at an event attended by Algerian Minister of Energy Khelil and the Chairmen of Sonatrach and Alnaft, marking the conclusion of the “2nd Bidding Call for the Awarding of Hydrocarbons Research and Exploitation Contracts”.

The award of this exploration block on December 20th reinforces Repsol’s position in Algeria, where the company is already present in Reggane, Tinfouye Tabenkort and Tifernine, reaffirming Repsol’s commitment to this country as a growth area as outlined in the 2008-2012 Strategic Plan.

Repsol has carried out an extensive exploration campaign in 2008 and 2009, resulting in some of the world’s largest oil and gas finds in the period.

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