Three of Algeria’s top foreign producers, Eni, Total and Occidental, signed an upstream MoU with state-oil giant Sonatrach on 31 January to “develop a roadmap for the conclusion of a hydrocarbon contract in the Berkine Basin.”
Sonatrach says the MoU will “consolidate relations and their historic partnership … in blocks 404 [404a] and 208.” This suggests the blocks’ existing terms will be updated in line with Algeria’s new (more attractive) oil law. And in return, partners Oxy (24.5%op), Total (12.25%) and Eni (12.25%) would presumably open the spending taps for further development. Sonatrach currently holds its customary 51% in the blocks. (CONTINUED - 429 WORDS)
