Energy Economy

21 Jul 2022

Energy Giants Pen $4BN Algeria Oil and Gas Contract

21 Jul 2022  by   

Image: Eni

Energy majors TotalEnergies, Occidental, Eni and Sonatrach Petroleum have signed a $4 billion (£3.3bn) oil and gas deal for plants in Eastern Algeria.

The companies have said the 25-year production contract will allow them to develop additional liquids hydrocarbon resources while reducing these fields’ carbon intensity through a dedicated carbon reduction programme.

Laurent Vivier, Senior Vice President Middle East and North Africa, Exploration and Production at TotalEnergies, said: “This project is in line with the Company’s strategy to develop low-cost oil while contributing to carbon reduction programs to minimize our carbon footprint.”

Eni Chief Executive Officer Claudio Descalzi commented: “Through this new contract, additional volumes of gas will be made available for export and for the domestic market, coherent with Eni’s commitment to the energy transition.”


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