Eni and Sonatrach this week inched closer to finalizing a “new hydrocarbon contract” in Algeria’s Berkine Basin having signed a slew of preliminary agreements comprising upstream, “new technologies” such as renewables, biofuels and hydrogen, as well as staff training initiatives.
While any new upstream contract is dependent on Algeria completing the implementation texts for its latest oil law, the two firms have been for months fleshing out a plan for “the creation of a gas and crude oil development hub through a synergy with [Eni’s] existing MLE-CAFC installations.” That this agreement is the second of its kind specifically referencing the same plan, suggests a comprehensive deal is just a matter of time (MEES, 11 December 2020). (CONTINUED - 186 WORDS)