Dubai — Algerian state oil and gas company Sonatrach and Italy’s Eni (ENI.MI), opens new tab have signed a production sharing contract to explore and develop hydrocarbons in Algeria, Sonatrach said in a statement on Monday.
Total investments for exploration and development work in the Zemoul El Kbar contractual perimeter, which is located in the Berkine Basin some 300 km (186 miles) east of Hassi Messaoud, are estimated at $1.35 billion, the statement said.
The expected production in the framework of the development of the Zemoul El Kbar area is estimated at 415 million barrels of oil equivalent, including 9.3 billion cubic meters of gas over the contractual period.
*Ahmed Elimam; editing: Joe Bavier – Reuters
This article was originally posted at sweetcrudereports.com
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