Council of Ministers approves several contracts for hydrocarbons prospection, exploitation

APS : Wednesday, 06 September 2017
ALGIERS-The Council of Ministers, chaired by President of the Republic Abdelaziz Bouteflika on Wednesday has examined and adopted eight presidential decrees approving contracts
or amendment to contracts for the prospection and exploitation of hydrocarbons.
One of these decrees relates to a contract between the national hydrocarbons company (Sonatrach) and the Italian energy group (ENI) to extend the production of an oil field for five years.
In last June, Sonatrach and ENI signed partnership agreements on “the continuation of joint exploitation of hydrocarbon fields and additional works to increase recoverable reserves of hydrocarbons.”
The two groups also inked on November 2016 in Rome many cooperation agreements in the energy sector. These agreements cover exploration and other fields of activity like the development of renewable energy, refining, petrochemicals and research and development.
Besides, the seven other decrees adopted by the Council of Ministers relate to amendments to contracts signed between Sonatrach and Alnaft agency for the prospection and exploration of hydrocarbons in 14 perimeters, said the communiqué released following the Council.

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