By Mohammed Jetutu, North African Correspondent, in Cairo
The 64Bcf/year Timimoun Gas Project is at the heart of the agreement
Sonantrach-the Algerian state hydrocarbon company-has signed, with French major TOTAL, a comprehensive agreement enabling both to expand their partnership by progressing new upstream projects, notably with a new contractual framework for the Timimoun project, continued joint operations for the TFT field under a new agreement and joint development of a new project, as well as the amicable settlement of outstanding differences between the two companies.
The accord also enhances cooperation in other areas including exploration, petrochemicals, solar and international developments.
The agreement is more than welcome lift for Sonantrach, who has struggled to attract new significant investment from large European and American companies for over a decade.
TOTAL says that the deal underscores “the willingness of Sonatrach and TOTAL to continue to work together to further develop and strengthen their historic partnership”.