Gulf Oil and Gas accountACCOUNT

Sonatrach and Cepsa Extend Oil Field Contracts

Source: Reuters 11/22/2016, Location: Africa

The Algerian state energy firm Sonatrach and Spain's Cepsa signed an agreement to extend partnership contracts for two oil fields in the North African country, Sonatrach said.

OPEC member Algeria has announced plans to boost oil and gas production after stagnation in recent years due to a lack of foreign investment.

Under Tuesday's deal, contracts for the Rhourde El Krouf (RKF) and Ourhoud oil fields will be extended by 25 years and 10 years respectively, Sonatrach said in a statement carried by the state news agency APS.

The Sonatrach-Cepsa contract for Ourhoud was due to expire in 2019, the statement said. The agreement was signed by Sonatrach chief Amine Mazouzi and Cepsa CEO Pedro Miro Roig.

The two sides also signed a memorandum of understanding "to explore opportunities in other areas where both companies have common interests in Algeria and internationally", the statement added.

Algeria says it expects gas output to reach 141.3 billion cubic metres (bcm) in 2017, 143.9 bcm in 2018, 150 bcm in 2019 and 165 bcm in 2020.

Oil production targets are 75 million tonnes of oil equivalent in 2017 and 2018, 77 million tonnes in 2019 and 82 million tonnes in 2020.

In 2015, gas production stood at 128.3 bcm, while oil output reached 67 million tonnes.

Production News in Algeria >>

Falkland Islands >>  10/26/2020 - Borders & Southern Petroleum plc is pleased to announce that it has been granted an extension to its Falkland Islands licences. The Company's Producti...
Australia >>  10/23/2020 - Quarterly production broadly steady at 6.8 MMboe as revenues increase by 13%
• Q1 FY21 production of 6.8 MMboe was 1% below the prior quarter, w...


Australia >>  10/22/2020 - Santos released its 2020 Third Quarter Activities Report.
<...

Senegal >>  10/22/2020 - Performance
• Delivered production of 25.3 MMboe, up 2% from Q3 2019.
• Delivered sales volume of 26.7 MMboe, up 10% from Q3 2019.
• ...


Norway >>  10/21/2020 - The authorities have issued consent for start-up of the Dvalin field in the Norwegian Sea. Operator Wintershall DEA estimates that it can recover 18 b...
Brazil >>  10/20/2020 - Petrobras' operational performance in 3Q20 was very good, considering the challenging scenario imposed by the COVID-19 pandemic. Our oil and gas produ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Algeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Oil & Gas Projects in Algeria >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.