Algeria, TotalEnergies sign new contracts to boost gas output | Business

📆 11/07/2023 19:30:00
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Algeria's state oil company Sonatrach said Sunday it had signed contracts to boost gas production under an existing agreement worth about $740 million with French giant TotalEnergies. | News24_Business

The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe, the company said in a statement.

Under existing contracts the companies exploit the Tin Fouye-Tabankort area's TFT II and TFT South fields to produce gas, liquefied petroleum gas and condensate. It added that"the development investments of the second agreement, TFT South, are estimated at $407 million, with a recovery of 11.5 billion cubic metres of gas, 1.3 million tons of condensate and 1.6 million tons LPG".

The agreements also extend commitments between Sonatrach and TotalEnergies for the purchase and sale of liquified natural gas, the statement added without providing figures.

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