Oryx signs oil exploration deal with Sonatrach

Jan 14, 1998 01:00 AM

United States' Oryx Energy Co has signed a $ 28.8 mm oil exploration accord with Sonatrach.
In a five year deal Oryx will carry out seismic work and drillings in the Timissit area, stretching over 7,570 sq km (4,731 sq miles) in southeastern Algeria.
The area is near Algeria's main Hassi Massoud oilfield. The government has declared Algeria's gas and oil producing regions exclusive zones to protect the industry from possible Moslem rebel attacks.
No violent incident has been reported so far in the country's hydrocarbon producing regions in the south.
More than 30 European and U.S. firms are involved in developing Algeria's oil and gas wealth since the country liberalised its legislation to attract foreign direct investment in 1991.
Oil and gas provides Algeria with more than 94 % of its exports. Their value stood at $ 12.5 bn in 1996, up 29 % over the previous year. The government expects the value of oil and gas exports to be more than $ 12.5 bn in 1997 but has yet to releasefigures.
The deal appeared to confirm foreign firms commitment to continue business in violence-torn Algeria.

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