Italian oil company Eni, French Total, and Algerian state-owned Sonatrach have signed two agreements which include an exclusive partnership for offshore exploration in Algeria in a virtually unexplored geological province.
The Chairman and Director General of Algeria’s state oil company Sonatrach, Abdelmoumem Ould Kaddour, the Chief Executive Officer of Eni, Claudio Descalzi, and the Chief Executive Officer of Total, Patrick Pouyanné, signed two agreements during the Algeria Future Energy Summit in Algiers on Monday, which include an exclusive partnership for offshore exploration in Algeria.
In parallel, Eni and Total will also pursue obtaining exploration permits that will allow for the rapid completion of the hydrocarbon potential assessment, Eni said in a statement on Monday.
Eni CEO, Claudio Descalzi, said: “Together with Sonatrach and Total, we will have the opportunity to explore the deep waters of the Algerian offshore, a virtually unexplored geological province where Eni will be able to contribute by leveraging its experience in the Eastern Mediterranean and its inventory of advanced exploration technologies.”
Eni’s equity production in Algeria totals 90,000 boe day, making it the country’s main international player.