Algeria’s oil and gas company Sonatrach signed a memorandum of understanding on Feb. 26 with Norway’s Statoil (NYSE: STO) and Britain’s BP Plc (NYSE: BP) to strengthen cooperation particularly in upstream oil exploration, a joint statement said.
The companies gave no further details.
It is the latest sign of Sonatrach seeking to deepen ties with oil majors since Abdelmoumen Ould Kaddour took over CEO 10 months ago. He has resolved several disputes with foreign firms including Italy’s Eni (NYSE: E), France’s Total (NYSE: TOT) and Italy’s Saipem.
The move aims to boost Sonatrach’s attractiveness to secure investment and technology to raise stagnant output in both oil and gas, which make up 97% of state income.
BP and Statoil are already present in Algeria, working with Sonatrach at the Tiguentourine gas plant in the region of In Amenas.
Recommended Reading
Help Wanted (Badly): Attracting Workers to Energy is Becoming Difficult
2024-03-27 - Attracting workers to the energy industry is becoming a difficult job, despite forecasted growth in the industry.
Stena Evolution Upgrade Planned for Sparta Ops
2024-03-27 - The seventh-gen drillship will be upgraded with a 20,000-psi equipment package starting in 2026.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
E&P Highlights: March 25, 2024
2024-03-25 - Here’s a roundup of the latest E&P headlines, including a FEED planned for Venus and new contract awards.
TotalEnergies Restarts Gas Production at Tyra Hub in Danish North Sea
2024-03-22 - TotalEnergies said the Tyra hub will produce 5.7 MMcm of gas and 22,000 bbl/d of condensate.