Block 405a contains the Conoco-operated 24,000 b/d Menzel Ledjmat North field as well as minority stakes in fields which are largely on neighboring blocks. Conoco thus has 3.7% of the Cepsa-operated 200,000 b/d Ourhoud field and, crucially, 16.9% of the Anadarko-operated El Merk field, which is due to start producing imminently, hitting 130,000 b/d by the end of 2013 (see table).
The deal is subject to Algerian state approval, whilst Conoco’s current Block 405a partner, Canadian firm Talisman (35%) has pre-emption rights. Both Conoco and Pertamina say they expect completion by mid-2013. (CONTINUED - 1217 WORDS)
