Spanish-Australian-Portuguese venture to develop Algerian oil field
Spanish-Argentine energy company Repsol-YPF entered into a joint venture agreement with Australia’s Woodside Petroleum Ltd and Portuguese Partex to develop and operate an exploratory oil block in Algerian’s Berkine basin, in the eastern region of Rhourde Seghir.
Repsol will retain a 55 percent stake in the field 401-d, which it had acquired in an international auction in October 2001. Woodside will take 35 percent in the venture, and Partex the remaining 10 percent. Seismic surveys of the block should be completed early next year. Repsol said over seven billion barrels of oil have been discovered in the Berkine base in the last 10 years.
The Spanish company already produces 33,000 barrels a day of oil in Algeria, in two other exploration blocks in the Reggane basin, in southern Algeria, held in partnership with RWE DEA and Edison. — (menareport.com)
© 2002 Mena Report (www.menareport.com)