Sonatrach, Total, Repsol and Alnaft (the National Agency for the Valorisation of Hydrocarbon Resources), have signed a new concession contract for a period of 25 years to extend the exploitation of the Tin Fouyé Tabankort (TFT) gas and condensate field. .
Paris/France — This new contract, which will become effective upon the approval by the relevant Algerian authorities, will give Total a 26.4 % interest alongside Sonatrach (51 %) and Repsol (22.6 %). The companies have also signed a gas marketing agreement.
The partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250 million barrels of oil equivalent. These investments will allow to maintain the production of the field, which is currently over 80,000 barrels of oil equivalent per day for 6 years.
The company’s exploration and production activities in Algeria date back to 1952. In 2017, Total produced 15,000 barrels of oil equivalent per day (boe/d) in Algeria, all of it from the TFT gas and condensate field. The Group currently holds a 35 % in interest in TFT.
In March 2018, the French oil company started up production from the Timimoun gas field in southwestern Algeria. The Group has a 37.75 % interest in the field, which has a production capacity of 5 million cubic meters of gas per day (around 30,000 boe/d).
In November 2017, Total also announced the acquisition of Engie’s upstream liquefied natural gas (LNG) assets. Once closed, this transaction will add 4.6 million tons per year to the Group’s global LNG portfolio thanks to supply agreements with Sonatrach.