Algerian state-owned oil giant Sonatrach and Austrian oil and gas company OMV will cooperate in the field of hydrocarbon production in Algeria, the Sonotrach company announced on Thursday
MOSCOW (Pakistan Point News / Sputnik - 30th July, 2020) Algerian state-owned oil giant Sonatrach and Austrian oil and gas company OMV will cooperate in the field of hydrocarbon production in Algeria, the Sonotrach company announced on Thursday.
"Sonatrach and OMV signed a memorandum of understanding to begin discussions to identify opportunities for joint investments by both parties in the exploration, development and production of hydrocarbons in Algeria," the statement read.
On Wednesday, the Sonotrach company and the Spanish CEPSA oil firm signed a similar document to discuss possible joint investments in exploration and production in Algeria. Earlier in May, a similar agreement was concluded between Sonatrach and Russia's LUKOIL oil company.
OMV is an Austrian oil company, the largest in Central Europe. It carries out oil exploration and production in countries of North Africa, North-West Europe, the middle East, the Caspian region, Australia and New Zealand.
As Algeria is one of the world's top ten gas producers, its authorities adopted in November 2019 a law on hydrocarbon resources, which is designed to facilitate the work of foreign companies and increase investment in the country's oil industry, which have been halted and required foreign investments in order to recover.