ALGIERS, July 9 (Xinhua) — In a significant move for Algeria’s oil industry, the state-owned oil company Sonatrach and French energy giant TotalEnergies have recently inked two contracts worth a total of 739 million U.S. dollars in Algiers.
The contracts are focused on the TFT II and TFT Sud operating fields located in the Sahara Desert, as per a statement released by Sonatrach.
The TFT II contract requires an investment of approximately 332 million dollars. This investment will facilitate the extraction of 43 billion cubic meters of gas, 4.3 million tonnes of condensate, and 5.7 million tonnes of liquefied petroleum gas (LPG), as mentioned in the statement.
The TFT Sud contract, on the other hand, is expected to involve an investment of 407 million dollars for the extraction of 11.5 billion cubic meters of gas, 1.3 million tonnes of condensate, and 1.6 million tonnes of LPG, the statement added.
With the implementation of these contracts, the combined production of TFT II and TFT Sud is projected to surpass 100,000 barrels of oil equivalent per day (BOE/D) by 2026. This reflects a substantial increase from the current production rate of 60,000 (BOE/D).
In addition to these contracts, both companies have also entered into agreements regarding liquefied natural gas and renewable energies.
Credit: The Star : News Feed
