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FINANCIAL NEWS
Sonatrach, Gazprom discover new reservoir in Algeria
14 Nov 2010
(MENAFN) Algeria’s Sonatrach Petroleum Corporation and the Russian Gazprom EP International announced the discovery of a new hydrocarbon reservoir in Berkine Basin near Hassai Messaoud town in the southern Ouargla province, Reuters reported.
The discovery was verified following the exploration drilling of the Rhourde Sayah-2 well in El Assel area, according to a joint statement by the two corporations.
Algeria’s national hydrocarbon group started the energy development processes in El Assel area jointly with Gazprom under a partnership contract signed in January, 2009.
The contract specifies 51 percent stake in the energy projects to Sonatrach and the remaining percentage to the Russian group.
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