El Assel E&P agreement

GAZPROM NETHERLANDS B.V. and the Algerian State Oil and Gas Corporation (ASOGC) Sonatrach have signed an agreementfor the transfer of rights for hydrocarbon exploration and production in the onshore area El Assel located in the Berkine Basin of Algeria.

Gazprom's share in the project will account for 49 per cent. Based on provisional estimates the recoverable oil reserves of the area amount to 30 mn t. El Assel includes three blocks covering a total of 3,083 sq km. The contract will enable Gazprom to initiate the first hydrocarbon exploration and production project in the region.

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