SONATRACH & SINOPEC have signed a Memorandum of Understanding reflecting the willingness of both parties to consolidate their existing relations and expand their cooperation, through the search for new partnership opportunitiesSINOPEC has been present in Algeria since 2002 and operates with SONATRACH the Zarzaitine field, under a contract of association whose purpose is to increase the recovery rate of crude oil reserves in place.As a reminder, SONATRACH and its partner SINOPEC Overseas Oil & Gas Limited signed, on May 28, 2022, a production sharing contract relating to the contractual perimeter of Zarzaitine, under the aegis of Law No. 19-13 governing hydrocarbon activities. The overall investment planned for the implementation of the agreed development and operation work program is estimated at US$490 million, which is expected to enable the recovery of nearly 95 million barrels of oil.
SONATRACH & SINOPEC have signed a Memorandum of Understanding reflecting the willingness of both parties to consolidate their existing relations and expand their cooperation, through the search for new partnership opportunitiesSINOPEC has been present in Algeria since 2002 and operates with SONATRACH the Zarzaitine field, under a contract of association whose purpose is to increase the recovery rate of crude oil reserves in place.As a reminder, SONATRACH and its partner SINOPEC Overseas Oil & Gas Limited signed, on May 28, 2022, a production sharing contract relating to the contractual perimeter of Zarzaitine, under the aegis of Law No. 19-13 governing hydrocarbon activities. The overall investment planned for the implementation of the agreed development and operation work program is estimated at US$490 million, which is expected to enable the recovery of nearly 95 million barrels of oil.
