Algeria's state-owned Sonatrach has signed separate memorandums of understanding to identify potential opportunities for investment in hydrocarbon projects in Algeria.
Sonatrach signed an MoU with OMV to identify potential upstream opportunities where the two parties can jointly invest in exploration or development and production projects in Algeria, the company said July 30.
The MoU shows the interest of both parties to investigate collaboration options following the passing of a new Algerian Hydrocarbon Law designed to increase foreign upstream investment through improved contract terms and tax rates.
A separate MoU was signed between Sonatrach and Spain’s CEPSA to examine the possibilities of joint investments in exploration, development, and production of hydrocarbons in Algeria and internationally, the company said July 29.