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FINANCIAL NEWS
Algeria awards natural gas contract to Repsol-led consortium
16 Feb 2012
(MENAFN) A European consortium won a contract from the Algerian government to develop gas fields in the North Reggane project, Wall Street Newswires reported.
The consortium, led by Spansih Repsol YPF SA will invest USD2.6 billion to develop 104 wells in six areas.
The consortium includes Algeria’s state-run Sonatrach in addition to German and Italian energy companies.
Repsol unveiled plans to begin gas output in the areas in the middle of 2016 and carry on production for 25 years, starting with daily eight million cubic meters in the first 12 months.
It is worth mentioning that Repsol is already carrying out two producing projects in Algeria, as well a development project and an exploratory project.
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