Sonatrach, Total, Repsol and the Algerian national agency for the valorization of hydrocarbon resources, Alnaft, signed a new concession contract for a period of 25 years to extend the exploitation of the Tin Fouyé Tabankort (TFT) gas and condensate field.
This new contract, which will become effective upon the approval by the relevant Algerian authorities, will give Total a 26.4 percent interest alongside Sonatrach (51 percent) and Repsol (22.6 percent).
Total added that the companies have also signed a gas marketing agreement.
The partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250 million barrels of oil equivalent.
These investments will enable the companies to maintain the production of the field, which is currently over 80,000 barrels of oil equivalent per day, for 6 years.