Algeria inks oil deal with China's Sinopec
Sonatrach said the head of agreement is intended to outline the 'framework of cooperation' between the two sides to conclude hydrocarbon accords.
The planned deals will cover interests located in the basins of Gourara in Southwest Algeria and East Berkine in the Northeast.
'They will also ultimately assess and develop hydrocarbon resources in the relevant zones,' Sonatrach said in a statement.
'As part of this Head Of Agreement, the parties will notably, discuss over the work programme, in order to agree on the evaluation and exploitation of these resources, by integrating the best practices for the preservation of the environment and a responsible exploitation of natural resources,' it added.
Sonatrach, one of the world's largest gas exporters, said the new deal reflects the willingness of both sides to bolster their existing relationship and expand cooperation through new partnership opportunities in hydrocarbons exploration and development.
It noted that Sinopec's presence in Algeria dates back to 2002 and the company operates with Sonatrach the Zarzaïtine field under the framework of a contract of association focusing on hydrocarbon recovery and development of this field.
Sinopec is also Sonatrach' partner under the hydrocarbon's agreement signed on 25 February for exploration and development of the Hassi Berkane perimeter.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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