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Total signs deal to extend TFT gas field license in Algeria

Gasoil News - Published on Thu, 14 Jun 2018

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French oil and gas major Total said that it had signed a new concession agreement with Algeria's Sonatrach, Repsol and Alnaft for a 25-year extension of their Tin Fouye Tabankort (TFT) gas and condensate field license. Total said that the agreement would give Total a 26.4 percent stake in the project. Sonatrach will hold 51 percent and Repsol 22.6 percent.

It said that the partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250 million barrels of oil equivalent.

It added that "These investments will allow them to maintain production of the field, which is currently over 80,000 barrels of oil equivalent per day for 6 years."

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Posted By : Nanda Koijam on Thu, 14 Jun 2018
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