Arab Finance: The Algerian company Sonatrach has entered into a contract with the Italian company “Eni” to explore and exploit oil and gas at the contractual ocean level “Zamoul Al -Kabar” (in the state of Ouargla) in the form of production sharing with a total investment of $ 1.35 billion.
This contract, which falls within the framework of the hydrocarbon law 19-13, extends over a period of 30 years, which can be extended for an additional 10 years, and includes an exploration and research period of 7 years.
The total investments allocated to exploration and development work in this ocean located in the Berkin Basin, about 300 km east of Hassi Masoud, are about 1.35 billion dollars, of which 110 million dollars are allocated to research and exploration.
Within the framework of this project, its total production is expected to reach 415 million barrels of oil equivalent, of which 9.3 billion cubic meters of natural gas during the entire contractual period, and the “Sonatrach” complex signed a gas agreement with “Eni” aimed at defining the provisions of the fuel contract related to marketing dry gas quantities from the perimeter of the exploitation of the old time, designated for export.
A framework agreement was also signed between the “Sonatrach” complex and the “Eni Corporation Universte” (Italian company branch) for a period of 3 years aimed at developing the skills of “Sonatrach” employees and transferring knowledge.
It is worth noting that Eni had revealed that Egypt was among the markets Which led the company's exploration activity in the first quarter of this yearWhile the company's future projects include the second phase of the Maliha project, as well as the Narges field, and the expansion of the back field in the statement of its business.
Also, the Egyptian Ministry of Petroleum said that the initial estimates of the third stage of the Dahr Field Development Project will add about a trillion cubic feet of gas to the field reserves, and the ministry explained that the third stage includes the use of a floating treatment unit in the marine wells area 220 km from the beach, to separate gas and condensate, in preparation for its entry into the production map by 2028.
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