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Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.
Qatari PM: We must not surrender to the arrogance of extremists and pursue our quest for a 'two-state solution'
Qatari PM: The only path to peace begins through negotiations and a ceasefire
Qatari PM: We demand that the Security Council assume its historical responsibility, as silence in the face of the law of the jungle undermines international peace and destabilizes the UN system
Qatari PM: The extremists who rule "Israel" do not care about the lives of the "hostages"; otherwise, how can the timing and location of the attack be explained?
Qatari PM: 'Israel's' attack on Hamas leaders in Doha is a violation of Qatar's sovereignty
Qatari PM: The ongoing [Israeli] violations only prove one thing: the Israeli officials' drunkenness on power amid impunity
Yemeni Ministry of Health: The death toll from the Israeli aggression on Sanaa and Al-Jawf Governorate has risen to 46, in addition to 165 injuries, including a large number of women and children, according to a non-final toll
Representative of Russia to the Security Council: What happened is not a coincidence, but rather a logical consequence of the complete impunity 'Israel' enjoys
Representative of Russia to the Security Council: What prevents 'Israel' from attacking any capital city in the world after bombing Doha?

Algerian Sonatrach, French TotalEnergies finalize $740mln deal

  • By Al Mayadeen English
  • Source: Agencies
  • 10 Jul 2023 08:22
3 Min Read

The Algerian and French energy companies have signed contracts that cover the TFT II and South fields in Algeria, which target the exploitation of oil, gas, and renewable energy.

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  • The logo of the Algerian state owned energy company, Sonatrach, during the World Gas Conference exhibition in Paris, France, June 2 2015. (AFP)
    The logo of the Algerian state-owned energy company, Sonatrach, during the World Gas Conference exhibition in Paris, France, June 2, 2015. (AFP)

Sonatrach, the state-owned energy company, signed several contracts with the French TotalEnergies worth around a whopping $740 million, Sonatrach said in a statement.

The Algerian company's CEO, Toufik Hakkar, and TotalEnergies head, Patrick Pouyanne, signed the multifaceted deal in Algiers.

The contracts will encompass hydrocarbon deals targeted at the exploitation of the Tin Fouye-Tabankort (TFT) II and South fields in the desert of southeast Algeria, liquefied natural gas, and renewable energy sources.

"The TFT II contract provides for development investments of around $332 million, making it possible to recover 43 billion cubic meters of gas, 4.3 million tons of condensate, and 5.7 million tons of LPG," the company's statement read.

"The development investments of the second contract, TFT Sud, are estimated at $407 million, allowing the recovery of 11.5 billion cubic meters of gas, 1.3 million tons of condensate and 1.6 million tons of LPG," it added.

The state-owned enterprise said the combined production of the two fields TFT II and TFT South will exceed a rate of production of the equivalent of 100,000 bpd in contrast to the 60,000 bpd current production rate.

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Read more: Algeria's Sonatrach signs int'l agreement for petrochemical complex

Sonatrach and TotalEnergies will expand their joint work in the field of natural gas extraction, as the former looks to become a key supplier of gas to the French and European markets, which are still suffering from the sanctions they imposed on Russian energy sources.

Earlier, the Algerian government also finalized deals with the Italian energy company, Eni, to further bolster its market share of energy consumption in European countries.

Italian Prime Minister Georgia Meloni was accompanied by Eni CEO Claudio Descalzi, who traveled to meet with Sonatrach officials on June 23. At a joint press conference with Tebboune, Meloni stated, "Two agreements were signed between Eni and its Algerian counterpart, one to identify activities to reduce greenhouse gas emissions and the other to achieve an increase in energy exports from Algeria to Italy and potentially from Algeria to Europe."

According to Meloni, Eni and Sonatrach will study ways to facilitate the transport of gas and will work on a new pipeline to carry hydrogen.

She also mentioned expanding Algeria's capacity to produce liquefied natural gas (LNG) and laying an undersea electrical cable between the two states.

Read more: Italian Eni, Algerian Sonatrach to increase energy supply to Europe

  • Energy crisis
  • Europe
  • LPG
  • Algiers
  • Oil
  • France
  • Natural Gas
  • Algeria
  • TotalEnergies
  • Sonatrach

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