Total SA has signed a contract that extends its partnership for the drilling and exploration of an Algerian natural gas and condensate field for the next 25 years, according to a June 11 news release.
Total, along with Spanish company Repsol SA; Alnaft, the Algerian agency for hydrocarbon resources; and state-owned exploration and production company Sonatrach, inked the agreement to continue the exploration of the Tin Fouyé Tabankort gas field.
Currently, output from the field has been more than 80,000 barrels of oil equivalent per day for six years. The partners plan to make investments to develop additional reserves estimated at more than 250 MMboe.
The new contract, which will go into effect once it is approved by the relevant Algerian entities, will give Total a 26.4% interest, Sonatrach a 51% stake and Repsol a 22.6% interest. The companies have also signed a gas marketing agreement.
