2023-07-09 21:27:45
ALGIERS, July 9 (Xinhua) — Algerian state-owned oil company Sonatrach and French energy giant Total Energies signed on Sunday in Algiers two contracts worth 739 million US dollars.
The hydrocarbons contracts center around the operational TFT-2 and TFT-Sud fields located in the Sahara desert, according to a statement from Sonatrach.
The statement said that the TFT-2 contract includes an investment of regarding $332 million, which will enable the extraction of 43 billion cubic meters of gas, 4.3 million tons of condensate and 5.7 million tons of liquefied petroleum gas.
He added that the TFT Sud contract, with investments estimated at $407 million, will allow the extraction of 11.5 billion cubic meters of gas, 1.3 million tons of condensate and 1.6 million tons of liquefied petroleum gas.
Under the contracts, the combined production of both fields is expected to exceed 100,000 barrels of oil equivalent per day by 2026, a significant increase from the current production of regarding 60,000 barrels of oil equivalent per day.
The two companies also signed contracts on liquefied natural gas and renewable energy sources. /ts/
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