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Friday, November 20, 2009
State-run firms CNPC out of China and Algeria’s Sonatrach have made a new oil discovery. The discovery, made on Block 438B, is the eleventh made in the country this year.
Sonatrach said in a statement that during drilling oil was encountered twice, with flows of 2.6 cubic meters per hour and 12.2 cubic meters per hour. CNPC holds a 100% operating interest in the Block 438B project and Sonatrach is the concessionare.
CNPC won the bid for Block 438b with 100% equity in 2004. The contract is a PSA with a 7-year exploration term and a 25-year development term. The block is located in the Oued Mya Basin and covers an area of 4,354 sq km.
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