ALGIERS- Five hydrocarbon contracts were signed on Monday, in Algiers, between Sonatrach and several foreign oil companies, as part of the results of the “Algeria Bid Round 2024”.

The signing ceremony was supervised by the Minister of State, Minister of Energy, Mines and Renewable Energy, Mohamed Arkab, in the presence of the Minister of Knowledge Economy, Start-ups and Micro-enterprises, Noureddine Ouadah, the CEO of Sonatrach, Rachid Hachichi, the president of the National Agency for the Development of Hydrocarbon Resources (ALNAFT), Samir Bekhti, and representatives of foreign companies.

The minimum value of the investment planned as part of these contracts amounts to approximately $600 million, dedicated to exploration.

Before the signing of these contracts, the president of ALNAFT agency had signed the award decisions for each site.

A joint-venture contract was signed between Sonatrach and a consortium composed of Swiss company Filada and Austrian company Zangas for the “Toual 2” site (Berkine basin) in the provinces of Ouargla and Illizi.

Sonatrach also concluded a partnership contract with Chinese company “Sinopec,” covering the “Guern EL Guessa 2” area (Gourara-Timimoun basin), in the provinces of Bechar, Beni Abbès, El Bayadh and Timimoun.

The third contract was signed in the form of “production sharing” between Sonatrach and the consortium formed by Italian group “ENI” and Thai group “PTTEP,” and concerns the “Reggane 2” area in the province of Adrar.

Another contract, also in the form of “production sharing,” was signed between Sonatrach and Chinese company “ZPEC,” covering the “Zerafa 2” area (Ahnet-Gourara basin), in the provinces of Adrar and In Salah.

The fifth contract, still in the form of production sharing, was concluded between Sonatrach and the consortium of companies “Qatar Energy” and “Total Energies.” It concerns the “Ahara” site, in the provinces of Illizi.