Africa News Algeria’s Sonatrach to begin first ever offshore drilling

Algeria’s Sonatrach to begin first ever offshore drilling

-

- Advertisment -

Algeria’s state-owned oil and gas company will launch offshore drilling with France’s Total and Italy’s ENI on the eastern coast between Bejaia and Skikda for the first time in its history.

According to Sonatrach’s Director for New Resources, Youcef Khankar, the campaign will begin in the second half of the year, with 2D and 3D seismic data acquisition campaigns currently underway.

The North African OPEC member has struggled to attract oil investment in recent years as its tough terms have made foreign companies wary.

Sonatrach last year began a more flexible approach to bilateral talks with foreign partners.

The targeted region for this new drilling campaign could contain several trillion cubic meters (tcm) of biogenic gas, officials said.

Initial results from the ongoing 2D seismic campaign suggest geological similarities between the east coast and Egypt’s Zohr field. Located in the Mediterranean Sea, the Zohr gas field is said to contain 30 tcm of natural gas.

Sonatrach and Total have also agreed last year to invest $406 million to boost the output of the gas field named Tin Fouye Tabankort Sud.

Oil and gas are the drivers of the economy in Algeria, the largest member of OPEC in terms of territory. Petroleum accounts for an overwhelming 85% of the country’s exports.

The country’s oil output was previously estimated at 1.1 million barrels per day (bpd) but it has cut production by 50,000 bpd under an agreement between OPEC and non-OPEC producers aimed at raising crude prices.




LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Le Président Macky sall quitte Dakar ce lundi pour Oslo (Autre presse)

Son Excellence Monsieur le Président Macky Sall quitte Dakar ce lundi 21 octobre 2019 pour prendre part, à...

Education Leaders in the UAE develop skills of the future through professional CPD programmes

The University of Birmingham Dubai has held the first of its CPD workshops for education leaders. The course on...

Sory Kaba : « le Sénégal n’a pas signé d’accord avec l’Europe pour le rapatriement de ses ressortissants »

« Le Sénégal n’a signé aucun accord avec l’Europe pour le rapatriement des sénégalais...

La BCP finalise l’acquisition de la Banque de Madagascar et de l’Océan Indien

Le groupe Banque Centrale Populaire (BCP) a finalisé, jeudi, l’acquisition de 71% du capital de la Banque de Madagascar...

WEZA project relieves thousands from poverty trap in Zanzibar

According to Asha Abdi Makame, acting director for TAMWA-Zanzibar, the project, which is aimed at reducing poverty and improve...

Mubadala weighs debt issuance, plans to invest in Saudi Aramco

Bloomberg/Christopher Pike Business share this article The Gulf region has seen...

Must read

Le Président Macky sall quitte Dakar ce lundi pour Oslo (Autre presse)

Son Excellence Monsieur le Président Macky Sall quitte...
- Advertisement -

You might also likeRELATED
Recommended to you