Algeria approves Rosneft's plans for oil fields development
The Alliance has been formed in the year 2001 by Algerian National Oil and Gas Company Sonatrach (40 %) and joint
venture of Rosneft and Stroytransgaz -- Rosneft-Stroytransgaz Ltd. (60 %).
The first plan includes the development of two oil fields Eastern and Western Takuazet, discovered in the years
2003-2004, and the second gas condensate field Northern Tesselit, discovered in the year 2006.
In accordance with the Production Sharing Agreement on the terms and conditions of which the contract for the
development of the block 245-South has been executed, each of the parties are entitled dispose on their own their
share of oil, which will be produced at Gara Tesselit area.
As regards to the gas, according to the framework agreement signed in the year 2008 Sonatrach shall be responsible
for selling of all produced gas. The oil and gas fields would be put into operation within the period from 2009 to
2012.
Within the period of exploration works, which has commenced at the year 2001 and has been completed at December 31,
2007, the seismic surveys 2D has been performed in the volume of 1,200 linear km and 490 sq km of the 3D seismic
surveys, and also 6 exploration wells have been drilled.
The total cost of performing of exploration works has amounted over $ 100 mm.
