ALGIERS, Algeria's State-owned energy corporation, Sonatrach Group, has signaed agreement here with its Indonesian counterpart, Pertamina, to strengthen co-operation in the hydrocarbons field.
Signed on Thursday by Sonatrach chief executive officer Abdelmoumen Ould Kaddour and Pertamina CEO Manik Massa, the agreement follows a memorandum of understanding signed by the two oil groups in September 2016.
This agreement defines the trust of co-operation jointly agreed by the two groups and specifies the mechanisms for their implementation in Algeria and Indonesia as well as in other countries. It also covers the exchange of information and know-how in the field of hydrocarbons, particularly in terms of research, development and transformation.
This agreement confirms the willingness of Sonatrach and Pertamina "to strengthen the existing partnership through the identification of new areas of cooperation and to establish a favorable framework for the implementation of co-operation opportunities, particularly in the upstream oil", according to a statement issued here.
In this regard, the CEO of the Indonesian oil company welcomed the siging of this agreement which reflects "the excellence of relations with Sonatrach and the willingness to further strengthen it in the future".
Pertamina is already present in Algeria under a partnership with Sonatrach and it has participated in several oil operations in this country since 2014, especially in the Menzel Ledjmet Nord (MNL), El Merk (Illizi) and Ourhoud (Ouargla) fields.
Ould Kaddour stressed that the signing of the agreement was an extension of the discussions launched by Sonatrach with its partners for the development of co-operation and partnership.
He said Sonatrach was expected to sign two contracts with Petramina in mid-January 2018. One of these will be for the extension of the MNL plant and the setting-up of a third production unit (in addition to the two existing ones). The second contract will focus on exploration to drill new wells at MNL, which contains "significant reserves", said Ould Kaddour.
Source: NAM NEWS NETWORK