Italian energy company Eni and its French peer Total have signed a deal to jointly explore for oil and gas in Algeria.
The duo signed a deal with state-owned Algerian energy company Sonatrach to pursue offshore exploration in the country while working together on exploration permits.
“Together with Sonatrach and Total, we will have the opportunity to explore the deep waters of the Algerian offshore, a virtually unexplored geological province where Eni will be able to contribute by leveraging its experience in the Eastern Mediterranean and its inventory of advanced exploration technologies,” Eni’s CEO, Claudio Descalzi , said in a statement.
Eni has been present in Algeria since 1981 and currently participates in 32 mining permits with an equity production in the country of 90,000 boe day, making the company the country’s main international player.
It was recently reported that the company is also in “advanced talks” with Spain’s Naturgy to re-open its liquefied natural gas (LNG) terminal at Damietta in Egypt.