Algerian energy giant inks deals to develop offshore oil, renewable energy

Source: Xinhua| 2018-10-29 23:34:51|Editor: Mu Xuequan
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ALGIERS, Oct. 29 (Xinhua) -- Algerian state-run energy giant Sonatrach on Monday signed four major agreements with France's Total and Italy's Eni for the exploration of offshore oil and unconventional gas, as well as developing renewable energy, a company statement said.

The first two agreements were meant for the exploration and evaluation of the oil potential of the Algerian offshore Basin on its eastern and western sides.

The third agreement was between Sonatrach and Total in identifying new opportunities for projects in the field of renewable energy.

This partnership includes the transfer of technology through the acquisition and capitalization of experiences in the development, construction and management of power plants using renewable energy.

The fourth agreement was signed between Sonatrach and Eni through which the Algerian firm yields 49 percent of its shares in three major gas plants in the Algerian desert to Eni.

Abdelmoumene Ould Kadour, CEO of Sonatrach, announced in September that Algeria was planning to begin offshore oil drilling by 2019.

He said offshore oil upstream had reached the stage of geophysical assessment, notably in the seaside provinces of Bejaia, 250 km northeast of the capital Algiers, and Oran, 400 km northwest of Algiers.

Sonatrach said in February that it plans to invest 56 billion U.S. dollars for the development of the energy sector from 2018 to 2022.