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Wednesday, June 13, 2018
Sonatrach, Total, Repsol and Alnaft, Algeria’s regulatory body in charge of hydrocarbons, signed a new concession contract for a period of 25 years to extend the exploitation of the Tin Fouyé Tabankort (TFT) gas and condensate field.
This new contract, which will become effective upon the approval by the relevant Algerian authorities, will give Total a 26.4% interest alongside Sonatrach (51%) and Repsol (22.6%).
The partners will carry out the drilling and other activities required to develop additional reserves estimated at more than 250 million boe. These investments will allow them to maintain the production of the field, which is currently over 80,000 boepd, for six years.
“Today’s agreements mark a new milestone in the implementation of the comprehensive partnership agreement signed between Sonatrach and Total in April 2017, and strengthens the strategic cooperation between the two companies. As a historical partner of the TFT field, Total will continue to provide the best of its technological expertise to keep developing the reserves of this gas field. This project is in line with the Group’s strategy to grow its gas production in competitive conditions,” commented Patrick Pouyanné, Chairman and CEO of Total.
The partners also signed a gas marketing agreement.
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