Algeria’s Sonatrach and Conoco sign cooperation agreement
Sonatrach, Algeria’s national oil and gas company, and the U.S.-based Conoco Inc. have signed a memorandum of understanding (MOU) according to which Conoco will evaluate the potential use of Algerian natural gas reserves to fuel power generation projects in Algeria, Spain and Turkey.
According to Abdelhak Bouhafs, the president and CEO of Sonatrach, the agreement establishes a framework for studying fully integrated energy projects, including the development, transportation and processing of Algeria's natural gas reserves, and their use as a clean-burning fuel for electrical power.
The cooperation between the two companies will not be limited to only upstream oil and gas projects, he added.
Bouhafs said the feasibility study would take approximately one year to complete.
J. Dee Simpson, president of Conoco Africa was similarly optimistic. Conoco is pleased to partner with Sonatrach in a program that could further develop Algeria's natural resources and build fully integrated power systems in the region, he stated. – (Albawaba-MEBG)
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