Signing of a New Hydrocarbon Contract between SONATRACH & SINOPEC

Source: www.gulfoilandgas.com 5/28/2022, Location: Africa

SONATRACH and its partner SINOPEC Overseas Oil & Gas Limited (SOOGL) proceeded in Algiers to the signing of a production sharing contract relating to the contractual perimeter of Zarzaitine, located in the Illizi basin and this, under the aegis of Law No. 19-13 governing hydrocarbon activities.

Within the framework of this contract, SONATRACH and SINOPEC undertake to carry out a program of development and exploitation works in accordance with the development plan adopted for this purpose and whose objective is the recovery and valorization of hydrocarbons in the field. of Zarzaitine. This work program includes in particular:

The revamping of the Gas Lift Unit;
The drilling of twelve (12) new development wells;
Work over works for the replenishment of six (06) existing wells;
Connection of new development wells and maintenance of existing surface facilities;
The recovery of flared gases and the reduction of carbon emissions.

The total amount of investment planned for the implementation of this development plan is estimated at 490 million US Dollars and will enable the recovery of nearly 95 million barrels of oil.

The signing of this contract crowns the negotiations carried out within the framework of the memorandum of understanding signed between the two companies on May 20, 2021 and reflects the desire of both parties to continue their historic partnership and to strengthen their cooperation in the field of the production of hydrocarbons.


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