Council of Ministers adopts contracts on hydrocarbon exploration, exploitation

March 15th, 2018

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APS : WEDNESDAY 14 MARCH 2018

ALGIERS- Council of Ministers, chaired by President of the Republic Abdelaziz Bouteflika examined and adopted Wednesday four presidential decrees approving amendments relating to exploration and exploitation of hydrocarbons,
the Council of Ministers said in a statement.
Two of the amendments are relating to contracts concluded respectively in 1992 and 1998 between national oil corporation Sonatrach and foreign partners.
They are intended to extend by five years the exploitation period of the field of Ourhoud (Ouargla) and that of In Amenas (Illizi), the statement said.
A third amendment updates a contract between Sonatrach and Gaz de France, taking into consideration the change of the partners’ name in the field of Touat (Adrar), and which has become “GDF SUEZ ,” according to the statement.
The fourth amendment adopted by the Council of Ministers is relating to a contract signed in 2014 between Sonatrach and Enel (Italy).
The amendment provides for the transfer of the foreign partner’s shares in the field of M’sari Akabli (Illizi) to the firm Dragon Oil (United Arab Emirates).
Sonatrach keeps 51% of the shares in this association.