Algeria’s Sonatrach and Russian company Lukoil have signed a memorandum of understanding (MoU)
The MoU aims to initiate discussions with a view to identifying the possibilities for the two parties to invest jointly in exploration and production operations in hydrocarbons in Algeria.
This MoU follows the promulgation of the new Algerian hydrocarbons law.
The deal also covers the review of international exploration and production opportunities.
Sonatrach stated that Lukoil is one of the largest oil and gas companies listed on the stock market and vertically integrated in the world, representing more than two per cent of world oil production and approximately one per cent of proven hydrocarbon reserves.
