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Algeria: Algerian groups Sonatrach, Italy’s Eni, American Occidental and France’s Total signed, on Tuesday, an oil and gas “production sharing” contract worth an impressive four billion dollars related to a site in southeast Algeria.

This 25-year contract covers the exploitation of gas and oil fields in the Perkin Basin.

During a summit with Italian Prime Minister Mario Draghi, the Algerian President, Abdelmadjid Tebboune, announced that he would “make it possible to provide a large sum to Italy” by announcing Monday “this important agreement amounting to four billion dollars.” gas quantities.

Sonatrach said in a press release that the agreement aims to recover “more than 1 billion barrels of oil equivalent of hydrocarbons, which will raise the final average recovery rate to 55%”.

The goal is to “develop additional liquid hydrocarbon resources while reducing the carbon intensity of the fields through a targeted emissions reduction program,” Total noted in a separate press release.

The deal was signed under the provisions of Algeria’s new hydrocarbons law, enacted in November 2019, which provides for the possibility of sharing production with foreign groups.

This controversial legislation sparked fierce opposition in the country. Its critics have taken to the street, believing that it is selling the national wealth to multinational corporations.

Occidental Petroleum is a party to this contract after it was acquired by the American oil company Anadarko.

The Total Group signed an agreement with Occidental to purchase Anadarko’s assets in Algeria, Ghana, Mozambique and South Africa.

However, the Algerian authorities opposed Total’s acquisition of assets in the country, asserting its right to pre-emption.

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During the Algerian-Italian summit, Algeria also announced an increase in its gas shipments to Italy, which became its main supplier before Russia, after the invasion of Ukraine.

According to an Algerian government source, about an additional four billion cubic meters will be exported over the coming days to Italy.

Mr. Draghi had announced an agreement to increase the quantities delivered to Italy during his first visit to Algiers in April, but no figures were reported.

Since the beginning of 2022, Algeria has supplied Italy with 13.9 billion cubic meters, exceeding the initially planned quantities by 113%.

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