Sonatrach and Wintershall are strengthening their cooperation through the signing of a memorandum of understanding which will cover exploration, production in Algeria and investment abroad. The agreement will allow the German company to increase its presence in the Algerian hydrocarbon sector.
On August 17, the Algerian state-owned hydrocarbons company (Sonatrach) signed a memorandum of understanding for oil cooperation with German producer Wintershall Dea.
The deal covers the possibility for the two sides to cooperate in the fields of oil and gas exploration and production in the North African country. It also paves the way for possible joint investments abroad.
“This protocol aims to strengthen the existing partnership by seeking new cooperation opportunities”, explained Sonatrach.
For her part, Dawn Summers, Member of the Board of Directors, Head of Middle East and North Africa at Wintershall said: “Wintershall Dea is well established in Algeria thanks to our participation in the Reggane Nord project. In 2020, we are assessing a potential increase in activities in the country, and this MoU is an important step forward. “
The German company has been present in the country since 2002 and is involved in the flagship Reggane Nord gas project, within the Groupement Reggane Nord (GRN), a consortium made up of Wintershall Dea, Sonatrach (40%), Repsol (29.25% ) and Edison (11.25%).
Source Ecofin Agency