Total Signs 25-Year Algeria Gas Field Concession Extension

Tuesday, 12th June 2018
by Editorial Team

FILE – This Sunday, Dec. 14, 2008 file picture shows the Krechba gas plant on the In Salah gas field in Algeria’s Sahara Desert, some 1,200 kilometers (720 miles) south of the capital, Algiers, Algeria. An Algerian local official said unidentified assailants fired homemade rocket launchers around 6 am at the Krechba gas facility, jointly operated with foreign companies and overseen by Algerian state-run gas company Sonatrach. (AP Photo/Alfred de Montesquiou, File)

Total has signed a concession agreement with Algerian state-owned Sonatrach, Repsol, and Alnaft for a 25-year licence extension for the Tin Fouye Tabankort (TFT) gas and condensate field, Reuters reported.

The agreement will give Total a 26.4% share, while Sonatrach and Repsol retain 51% and 22.6% stakes respectively.

The stakeholders will undertake the drilling and development investments to extract additional reserves estimated at more than 250 million barrels of oil equivalent.

“These investments will allow them to maintain production of the field, which is currently over 80,000 barrels of oil equivalent per day for six years,” Total said in a statement.