Petroleum Africa
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Thursday, May 20, 2021
Algerian state firm Sonatrach and its Chinese partner Sinopec signed a Memorandum of Understanding reflecting the will of the two parties to consolidate their existing relations and extend their cooperation. The pair will look for new partnership opportunities.
The Memorandum of Understanding aims to strengthen the historic partnership on the contractual perimeter of Zarzaitine, located in the Illizi basin. Its purpose is to define the framework for cooperation between the parties with a view to the conclusion of a new hydrocarbon contract on this perimeter under the aegis of Law 19-13 governing hydrocarbon activities. This agreement extends the operating life of Zarzaitine beyond 2023, the end of the term of the current contract.
The Memorandum of Understanding aims to identify opportunities for joint investment for the two parties in hydrocarbon exploration and production projects, integrating cooperation in the field of LNG and petrochemicals, in Algeria and the United States. ‘foreign.
The Sinopec company has been present in Algeria since 2003 and operates with Sonatrach the contractual perimeter of Zarzaitine, within the framework of an association contract with the object of increasing the recovery rate of crude oil reserves.
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