Sonatrach Group signs a $4 billion contract with Occidental, Eni and Total Energy

Sonatrach Group signed, today, Tuesday in Algiers, a contract worth $4 billion in the field of hydrocarbons with its partners, Occidental Petroleum from the US, Eni from Italy and Total Energy from France, the contract aims to develop the Berkine (Ouargla) contractual area.

This contract was signed by the CEO of Sonatrach, Toufik Hakkar, the CEO of Occidental Petroleum, Vicky Holep, the CEO of Eni, Claudio Descalzi, and the Vice President of Exploitation and Production in the Middle East and North Africa for Total Energy, Laurent Vivier.

The signing ceremony took place at the headquarters of the headquarters of Sonatrach, under the supervision of the Minister of Energy and Mines, Mohamed Arkab, in the presence of the ambassadors of the United States of America, Italy and France in Algeria.

This contract, concluded as part of the production sharing formula, is part of the memorandum of understanding concluded between Sonatrach and its partners on January 31, 2021.

In his speech delivered on the occasion, Mr. Arkab stressed that this contract “will support and enhance cooperation and partnership between Algeria and foreign partners,” noting that it “opens at the same time promising prospects for concluding other contracts in the future in order to enhance the country’s capabilities of reserves and raise the national Oil and Gas production.

The minister also considered that the signing of this new contract “translates the desire of the various parties to continue a historical and distinguished partnership that has existed for more than 30 years in order to develop and exploit the Berkine reserve, which is one of the most important areas of hydrocarbon production in Algeria.”

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