Eni makes Algerian oil discovery

Algeria

ALGIERS, March 21, 2022 – Sonatrach and Italian super-major Eni have hit a major oil discovery in Algeria in the Berkine Basin, the Algerian NOC announced on Sunday.

The HDLE-1 exploration well is located around 15 kilometres from existing facilities for the Bir Rebaa Nord fields within the Zemlet El Arbi research perimeter.

The production test yielded 7,000 bopd and 140,000 cubic metres of gas per day. Estimates have the asset holding 140 million barrels of oil in place.

A second exploration well will be drilled in April 2022 to further appraise the discovery. Drilling of five wells are planned for the exploration campaign.

The partners plan to fast track development of the project, with commercial production set to begin in Q3 2022.

Sonatrach holds the majority 51% stake in the concession, with Eni holding the remaining shares.