Total Signs New Deal With Algeria's Sonatrach And Settles Earlier Disputes
PARIS, April 10 (Reuters) - Algerian state-owned energy company Sonatrach and French oil major Total have signed a new deal to strengthen their existing partnership and have agreed to settle earlier disputes, the companies said on Monday.
They said the new deal would allow them to expand their partnership on new upstream projects, with a new contractual framework for the Timimoun project, as well as continued joint operations for the Tin Fouye Tebenkort (TFT) gas field.
They added they had agreed to settle amicably earlier disputes between the two companies, which had seen Total seeking arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s.
(Reporting by Sudip Kar-Gupta; Editing by Sarah White)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- BP Buys 61 Percent Stake In Azerbaijan's Gobustan Onshore Project
- Prices For November Soften After Earlier Strong Weeks
- China's Sinopec Plans To Build Canadian Oil Refinery
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three