LUKoil and Sonatrach sign deal for oil and gas exploration

Aug 06, 2006 02:00 AM

LUKoil and Algerian national petroleum company Sonatrach signed a memorandum on cooperation in oil and natural gas prospecting, recovery and processing, Russia's No. 1 crude producer said.
Cooperation between the long-time partners has been expanding since President Vladimir Putin visited Algiers last March, when about 15 Russian-Algerian contracts were signed, including on cooperation in tapping hydrocarbon reserves.

Algeria has proven natural-gas reserves estimated at 4.55 tcm, second only to Nigeria in Africa.
It is also the continent's third largest producer of crude oil after Nigeria and Libya, with 111.02 bn bbl in proven reserves.

Source: PIN/RIA Novosti
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