European Pact Grabs Another 3 Billion Cubic Meters of Gas and 250 Mill BBLs of Oil | OutPut by Rig Lynx – OutPut
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European Pact Grabs Another 3 Billion Cubic Meters of Gas and 250 Mill BBLs of Oil | OutPut by Rig Lynx

European Pact Grabs Another 3 Billion Cubic Meters of Gas and 250 Mill BBLs of Oil | OutPut by Rig Lynx

Algeria’s Sonatrach on Monday signed a 25-year extension for exploration and development with France’s Total and Spain’s Repsol for the Tin Foye Tabankort gas field in block 238, the state energy firm said and was confirmed by the French oil major.

“These investments will allow to maintain the production of the field, which is currently over 80,000 barrels of oil equivalent per day for 6 years,” Total said.

The three firms will invest $324 million to keep output at 3 billion cubic metres of gas per year for the next six years, Sonatrach executives told reporters.

They will also develop additional reserves at the field estimated at more than 250 million barrels of oil equivalent.

Sonatrach owns 51 percent of the field, Total 26.4 percent and Repsol 22.6 percent.

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