Total Energy announces $700 million investment for Algeria’s Sonatrach gas and condensate production
On Sunday, Algerian state hydrocarbon company Sonatrac signed a deal with French Total Energy Group to develop two gas fields in the southeast of the country, worth a total of $739 million.
Sonatrach CEO Toufik Hakkar told reporters in Algiers that the deal relates to the development of the Tin Foy-Tabenkourt 2 field and the Tin Foy-Tabenkourt South field in Illizi province in the southeast of the country.
Hawker explained that the total value of investment in these two fields is 739 million dollars, which allows the extraction of 54 billion cubic meters of natural gas and 13 million tons of liquefied petroleum gas and condensate.
He added, “Both gas fields will produce 100,000 barrels of oil equivalent by 2026.”
The signing ceremony was held at Sonatrach’s headquarters in Algiers in the presence of the CEOs of Sonatrach and Total Energies, Toufic Hokkar and Patrick Pouianni.
On the other hand, “Sonatrach” and “Total” signed an agreement to extend the contract for the sale of Algerian liquefied natural gas, in favor of the French company, in quantities estimated at 2 million tons annually.
Algeria produces about 130 billion cubic meters of natural gas annually, of which it exports more than 55 billion cubic meters, and uses 50 billion cubic meters in the domestic market. It intends to achieve an annual export of 100 billion cubic meters.
(Anatolia)
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