Algeria’s Sonatrach updated a production sharing contract with Niger for that country’s Kafra block earlier this month, potentially opening the way for the development of an estimated 268mn barrels of 2P reserves.
“This contract is considered as an update and renewal of the contract signed in 2015 and aims to allow a better assessment of the hydrocarbon potential of the Kafra block following the discovery of oil resulted from an exploration drilling.” Sonatrach said in a 12 February statement. (CONTINUED - 119 WORDS)