Algeria’s Sonatrach Group and Russia’s Lukoil, have signed a memorandum of understanding (MoU) to look at possibilities for the two parties to invest jointly in exploration and production operations in Algeria
The deal could lead to increased production and exploration in the North African country.
The MoU follows the publishing of the new Algerian hydrocarbons law at the start of the year, which revised the institutional, legal and fiscal framework of the energy sector in Algeria.
The MoU also covers a review of international exploration and production opportunities.
Algeria is a leading natural gas producer and one of three top oil producers in Africa.