Indonesian state firm Pertamina (31.85%op) and partner Repsol of Spain (17.15%) on 15 June signed a deal with Algerian state firm Sonatrach that will see them invest $800mn over an additional 25-year contractual term for their Block 405a in Algeria’s Berkine Basin. Algerian state firm Sonatrach has its customary 51%.
The deal, signed under Algeria’s new oil law, closely mirrors that struck last year by Occidental, Eni and TotalEnergies for their adjoining blocks 208 and 404. In return for improved renumeration, Occidental and its partners pledged to invest $4bn over the additional 25-year contract period (MEES, 22 July 2022) in a bid to stem a decline in output, which at 239,000 b/d for 2022 is down 100,000 b/d on five years earlier (MEES, 26 May). (CONTINUED - 372 WORDS)
