Eni, Total and Algeria’s state oil company Sonatrach sign exclusive partnership for offshore exploration in Algeria

Eni, Sonatrach and Total signed two agreements which include an exclusive partnership for offshore exploration in Algeria in a virtually unexplored geological province.

Algiers, Algeria, 30-Oct-2018 — /EuropaWire/ — The Chairman and Director General of Algeria’s state oil company Sonatrach, Abdelmoumem Ould Kaddour, the Chief Executive Officer of Eni, Claudio Descalzi, and the Chief Executive Officer of Total, Patrick Pouyanné, signed two agreements during the Algeria Future Energy Summit in Algiers today, which include an exclusive partnership for offshore exploration in Algeria.

In parallel, Eni and Total will also pursue obtaining exploration permits that will allow for the rapid completion of the hydrocarbon potential assessment.

Eni’s CEO, Claudio Descalzi, said: “Together with Sonatrach and Total, we will have the opportunity to explore the deep waters of the Algerian offshore, a virtually unexplored geological province where Eni will be able to contribute by leveraging its experience in the Eastern Mediterranean and its inventory of advanced exploration technologies.”

Eni has been present in Algeria since 1981 and currently participates in 32 mining permits with an equity production in the country of 90,000 boe day, making the company the country’s main international player.

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SOURCE: Eni