British oil company invests in Algerian oil block

Published March 26th, 2001 - 02:00 GMT

Tullow Oil, a British-based oil and gas company, announced that it has executed an agreement with AGIP Algeria Exploration B.V. to acquire a 30 percent participating interest in Block 222b, onshore in eastern Algeria.  

 

The agreement remains subject to an official approval by Sonatrach, the state-owned Algerian oil company, and the Algerian government. 

 

The current partners in Block 222b are AGIP Algeria Exploration B.V. and Sonatrach, who concluded an agreement between them in May 1999.  

 

Commenting Aidan Heavey, Tullow’s CEO said: “Algeria is a significant new addition to Tullow's international exploration portfolio.  

 

Block 222b is in a world-class petroliferous basin and adjacent to a number of very significant producing fields, including the giant Tin Fouye complex.  

 

Agip Exploration B.V. have planned a comprehensive evaluation program for the next two years and we look forward to participating in this.''  

 

Tullow Oil, which has headquarters in both London and Dublin, Ireland, has interests in 30 licenses, in the Indian subcontinent, Africa and Europe. – (Albawaba-MEBG) 

 

© 2001 Mena Report (www.menareport.com)


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