The UAE-based Gulf Keystone Petroleum has signed an agreement to explore Block 126 in the Ferkane region in northeastern Algeria, reported the news agency of the Organization of Petroleum Exporting Countries.
According to the news agency, the company will do the job in two phases. The first will includes the purchase of 600 square kilometers of 3D seismic and the drilling of three wells over a five-year period.
The second phase involves shooting another 600 km of seismic and drilling another well. The first phase will cost Gulf Keystone Petroleum an estimated $15 million and the second phase will cost $9 million.
Algeria’s oil authorities handed out several others tenders. Anadarko Petroleum Corp. of the United States was awarded Block 406 in the Berkine Basin, and Russia’s Rosneft and Stroytransgas won block 348. – (Albawaba-MEBG)
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