Statoil Inks Deal with Sonatrach

A memorandum of understanding was signed on August 4th by Algerian national energy company Sonatrach and Statoil covering cooperation between the two groups in Algeria, Norway and internationally.

The agreement was signed by chief executives Mohamed Méziane of Sonatrach and Helge Lund of Statoil. Under the MoU, the companies will develop their cooperation in two areas in particular. They will investigate the possibility of an integrated LNG project in Algeria, from exploration and development (based on sufficient proven gas reserves) to the commercialization of gas for the North American market. And they will cooperate in developing petroleum projects off Norway and in other international regions.

This agreement also entails cooperation in the areas of research and development, health, safety and the environment, and drilling.

"With this agreement, the two companies have established a bridge of lasting cooperation which will allow both parties to combine their efforts and position themselves in the two principal gas markets, Europe and North America," emphasizes Mr. Méziane.

"We have already developed a very close cooperation with our joint participation in the projects relating to the exploration and development of gas fields in Algeria. Pursuing this momentum, Sonatrach will intensify its efforts to extend the cooperation with Statoil to other projects in Algeria and internationally."

"This agreement underlines the excellent relationship our two companies have built up in a very short period of time, and Statoil's interest in investing in Algeria," affirms Mr Lund.

"In this agreement, Statoil sees a great opportunity for both companies to extend their cooperation, in Algeria, Norway and internationally, by cooperating on new projects which will be of interest to both companies."


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