Gazprom Clinches 49% Stake to Hunt for Hydrocarbons Onshore Algeria

Gazprom Netherlands B.V. and the Algerian State Oil and Gas Corporation (ASOGC) Sonatrach have signed an Agreement for the transfer of rights for hydrocarbon exploration and production in the onshore area El Assel located in the Berkine Basin of Algeria. Gazprom's share in the project will account for 49%.

Based on the provisional estimates the oil recoverable reserves of the said area amount to some 30 mln t. El Assel includes three blocks covering a total of 3,083km2.

The said contract, if signed, will enable Gazprom to initiate in Algeria the first hydrocarbon exploration and production project, which will foster the Company's position in the region.