Offshore oil exploration

Sonatrach is to start negotiations with Statol and Petrobraz Oil receipts to reach 17 billion dollars within 4 months

El Khabar, 27 may 2007

An official source reported that Sonatrach will embark on negotiations with the Brazilian oil company Petrobraz and the Norwegian one Statol for offshore oil exploration namely in eastern and western fields.

Energy and mines minister pointed out that oil receipts reached 17 billion dollars up to April noting that the barrel price will remain 60 till the end of the year.
On the fringes of the two agreements conclusion ceremony between the Brazilian Petrobraz which is one of the main offshore oil exploration companies in the world, the fact that favours more partnership relations between the two companies as Sonatrach can provide the Brazilian party with expertise in terms of gas exploration and marketing. Noteworthy that Sonatrach has recently launched bids for offshore oil exploration to which investors have not responded given the hugeness of the project and investment values.

2007-05-27
By S. Yousfi/ Translated by N. K