Algeria's Sonatrach Sings Oil Production Sharing Deal With SOOGL - Reports

DOHA (UrduPoint News / Sputnik - 29th May, 2022) The Algerian state-owned oil company Sonatrach has signed a $490-million contract with Chinese oil company Sinopec Overseas Oil and Gas Limited (SOOGL), the Algerian Public Television reports.

The 25-year production sharing contract on the Zarzaitine perimeter (located in Algeria's Illizi Province) was signed on Saturday in Algiers.

The signing ceremony was attended by Algeria's Minister of Energy and Mines, Mohamed Arkab.

Under the new deal, Sonatrach and SOOGL will implement a program of development that stipulates the extraction and upgrading of hydrocarbons in the Zarzaitine field, according to the Algerian Public Television.

About a year ago, Sonatrach and SOOGL signed a memorandum of understanding to boost cooperation in the field of hydrocarbon production.