Some USD 9 billion will be spent on exploration, and the group is planning to drill about 100 new wells per year over the next five years, the head of Sonatrach’s associations division, Farid Djettou, told Bloomberg.
The news comes as Algeria, Africa’s largest natural gas producer, is looking to revise regulations for foreign companies investing in the country’s hydrocarbons sector, in order to attract investment.
Sonatrach is also reportedly looking to form partnerships with major international oil companies in order to better explore Algeria’s offshore potential.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.