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Total and Sonatrach settle differences with new deal

Total and Sonatrach settle differences with new deal

Apr 11, 2017
2 min read
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Total and Algerian state-owned energy company Sonatrach have patched up their differences  and signed a new deal to strengthen their existing partnership in the North African country.

The new agreement enables both firms to expand their partnership by progressing new upstream projects, notably with a new contractual framework for the Timimoun project, continued joint operations for the Tin Fouye Tebenkort (TFT) gas field.

Total said in a statement that they have agreed to amicably settle outstanding differences between the two companies, , which had seen Total seeking arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s.

The accord also enhances cooperation in other areas including exploration, petrochemicals, solar and international developments.

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