French oil and gas company Total signed a new concession contract with Algeria's Sonatrach, Repsol and Alnaft for a 25-year extension of their Tin Fouye Tabankort (TFT) gas and condensate field license, Total anounced on Monday.
Total said the new agreement would give Total a 26.4 percent stake in the project while Sonatrach would hold a 51 percent share and Spain's Repsol would have a 22.6 percent interest.
The partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250 million barrels of oil equivalent.
"These investments will allow the maintenance of the production of the field, which is currently over 80,000 barrels of oil equivalent per day for six years," Total said.
Total’s exploration and production activities in Algeria date back to 1952.
In 2017, Total produced 15,000 barrels of oil equivalent per day in Algeria, all of which is from the TFT gas and condensate field.
(Anadolu Agency, 11/06/2018)
