SONATRACH Signs a MoU With Sinopec

Source: www.gulfoilandgas.com 11/14/2022, Location: Africa

A delegation led by Mr. GUO Yueliang, Chairman of Sinopec International Energy Investment Limited was received at the headquarters of SONATRACH by Mr. Toufik HAKKAR, Chairman and CEO in the presence of senior executives of the company.

During this meeting, the two parties discussed the current relations and the prospects for cooperation, particularly in the field of exploration and production.

On the sidelines of this meeting, a Memorandum of Understanding (MoU) reflecting the will of the two parties to consolidate their existing relations and extend their cooperation, through the search for new partnership opportunities, was signed.

SINOPEC has been present in Algeria since 2002 and operates the Zarzaitine deposit with SONATRACH, within the framework of an association contract aimed at increasing the rate of recovery of crude oil reserves in place.

As a reminder, SONATRACH and its partner SINOPEC Overseas Oil & Gas Limited (SOOGL) proceeded, on May 28, 2022, to the signing of a production sharing contract relating to the contractual scope of Zarzaitine, under the aegis of Law No. 19-13 governing hydrocarbon activities. The overall amount of investment planned for the implementation of the agreed development and exploitation work program is estimated at 490 million US dollars, which should enable the recovery of nearly 95 million barrels of oil.


Canada >>  2/3/2023 - The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued Significant Discovery Licence 1059 to Equinor Canada Ltd. and is an...
Uganda >>  2/1/2023 - A TARMAC road snakes its way to an expanse of land below an escarpment.

On the shores of Lake Albert, and in what is known as the Albertine...


United Kingdom >>  2/1/2023 - UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the North Sea Transition Authority ("NSTA") has granted its consent to a modified PEDL...
Gambia >>  1/30/2023 - FAR Limited an independent, Africa focused, oil & gas exploration company, provides its quarterly activities report for the quarter ended 31 December ...

Cuba >>  1/24/2023 - Melbana Energy has provided an update on preparations for its first appraisal well in Block 9 PSC (Melbana 30%).

Preparations for the drill...

Guyana >>  1/23/2023 - CGX Energy Inc. (TSXV: OYL) ("CGX Energy") operator and joint venture partner with Frontera Energy Corporation in the Petroleum Prospecting License fo...




Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.