Norwegian explorer Equinor, which saw its output drop by 25% in Algeria in 2020, has inked a forward looking, cooperation agreement with that country’s state hydrocarbon firm.
The memorandum of understanding (MoU) between Sonatrach (the Algerian state company) and Equinor, is looking beyond hydrocarbon exploration and production in the country.
“The signing of the MoU strengthens the existing partnership between Equinor and Sonatrach”, Equinor says in a release.
Equinor has been in Algeria for 17 years, with positions in two developments and one rank exploratory tract, including stakes in the In Salah onshore gas development, the In Amenas onshore gas development and a partnership on exploration in the Timissit licence.
The company’s equity production in the two producing projects crashed from 55,000BOEPD in 2019 to 41,000BOPD in 2020.
Equinor’s release says that the MoU “includes cooperation within greenhouse gas emissions and carbon management, industrial safety management, implementation of technology to increase hydrocarbon recovery and development of a model for driving high-performance oil operations”.