BY: Dr. Hana Saada
ALGIERS- In a statement released this Monday, the state-owned oil giant Sonatrach has disclosed the signing of a new partnership agreement with the renowned energy company TotalEnergies.
As per the released statement, this memorandum of understanding (MoU) signifies the mutual intent of both entities to strengthen their partnership and extend their collaboration. The agreement sets the stage for the implementation of a comprehensive work program aimed at evaluating and exploiting the hydrocarbon reserves in the Northeast region of Timimoun, in tandem with the existing processing facilities in the area.
The primary objective of this protocol is to establish the framework for cooperation between the two parties with the ultimate goal of finalizing a hydrocarbon contract for the identified area of interest. This collaboration is governed by Law No. 19-13, which regulates hydrocarbon activities in Algeria.
The strategic partnership between Sonatrach and TotalEnergies underscores their shared commitment to optimizing the exploration and development of hydrocarbon resources in Algeria. By leveraging their respective expertise and resources, the two entities aim to maximize the potential of the Timimoun region’s hydrocarbon reserves, thereby contributing to the country’s energy security and economic prosperity.
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