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Algeria’s New Hydrocarbon Law Brings More International Partners

Echoroukonline
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Algeria’s New Hydrocarbon Law Brings More International Partners

Algeria’s new hydrocarbons law has brought in more international partners who wish to either invest for the first time or for companies already in Algeria seeking to expand their investments within the recently adopted regulatory text framework.

In this context, Sonatrach signed a memorandum of understanding on Monday with its Norwegian partner EQUINOR, formerly Statoil, to discuss cooperation opportunities in the fields of exploration and production of hydrocarbons in Algeria and other countries, and environmental protection, new technologies and operational performance.

A statement by Sonatrach, a copy of which was received by Echorouk, stated that the signing of this protocol aims to strengthen the existing partnership between Sonatrach and EQUINOR, by looking for new opportunities for cooperation through existing and/or new projects, and in other areas as well, such as reducing greenhouse gas emissions, thermal and carbon impacts control, industrial safety management, application of advanced technologies to improve hydrocarbon production, and development of an effective model for managing oil operations.

EQUINOR, formerly known as “Statoil”, is operating in Algeria since 2004, and is a partner with Sonatrach and BP in the oil fields and the production phase in Ain Saleh and Ain Amenas (southern Algeria), and it is a partner of Sonatrach in the exploration site in Timessit.

In terms of numbers, Sonatrach signed no less than 10 agreements and memoranda of cooperation with major international energy companies to discuss investment within the framework of the new hydrocarbon law.

Among the signed agreements, we find Turkey’s TPAO, American Occidental Petroleum “Oxy”, Chevron and ExxonMobil, Italian Eni, French Total, and the Russian energy giants Gazprom and Lukoil.

The Ministry of Energy intends to launch a major international tender for hydrocarbons in the second half of the current year, according to a previous statement by the Minister of Energy, Mohamed Arkab, to Echorouk, for reasons that he attributed to the Covid19 pandemic and the authorities’ endeavour to organize successful bidding after lifting the restrictions imposed due to the virus, noting that most of the applied texts are 43 texts which were completed and are being gradually published in the Official Gazette.

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