The Chairman and CEO of Sonatrach , Mr. Toufik Hakkar, and the Chairman and CEO of TotalEnergies, Mr. Patrick Pouyanne, proceeded, today at the headquarters of the General Management of Sonatrach , to the signing of two hydrocarbon contracts, purchase of LNG, as well as a Memorandum of Understanding in the field of energy transition and renewable energies. Photo courtesy of Sonatrach company official website
The deals comprise hydrocarbon contracts concerning the exploitation of TFT (Tin Fouye-Tabankort) II and TFT South fields in the desert in southeast Algeria, as well as liquefied natural gas and renewable energy contracts.
"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 statement said.
"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.
According to Sonatrach, the "combined production of the two perimeters TFT II and TFT South will exceed 100,000 barrels of oil equivalent per day by 2026 against a current production of about 60,000 barrels of oil equivalent per day".
The natural gas contract extends commitments between Sonatrach and TotalEnergies allowing them to "consolidate their commercial partnership" and "play a key role in the supply of gas to the French and European markets", it added.
The deals were signed in Algiers by Sonatrach CEO Toufik Hakkar and TotalEnergies head Patrick Pouyanne.
Short link: