Hydrocarbons: SONATRACH, LUKOIL sign Memorandum of Understanding

May 5th, 2020

APS : MONDAY 04 MAY 2020

ALGIERS- The Sonatrach Group and the Russian company Lukoil, have signed a memorandum of understanding (MoU) to initiate talks with a view to identifying the possibilities for the two parties to invest jointly in the exploration and production operations in Algeria,
said a statement from Sonatrach on Monday.
This Memorandum of Understanding follows the promulgation of the new Algerian hydrocarbons law, said the same source.

The Memorandum of Understanding also provides for the examination of international exploration and production opportunities, the document added.

Sonatrach recalled that the Lukoil Company is one of the largest oil and gas companies listed on the stock market and vertically integrated in the world, representing more than 2% of world oil production and approximately 1% of proven hydrocarbon reserves.