Algerian state-firm Sonatrach has added to its burgeoning collection of upstream MoUs, this week signing up Austria’s OMV and Spain’s Cepsa. Abu Dhabi-owned Cepsa already operates the key Ourhoud field located in Algeria’s Berkine Basin (MEES, 15 May), but OMV would be new to the country.
That’s if the MoUs ever come to anything. Algeria has now inked eight similar agreements since passing its new oil law at the beginning of the year (MEES, 10 January).The latest MoUs, like the preceding six – with ExxonMobil, Chevron, Eni, Russia’s Lukoil and Zarubezhneft, and Turkish state-firm TPAO – include only vague commitments to identify “potential upstream opportunities where the two parties can jointly invest in exploration or development and production projects.” (CONTINUED - 359 WORDS)
