Total, Repsol Extend Algerian Licence

French Total, Spain's Repsol and Algerian upstream regulator Alnaft have signed a 25-year extension to the licence to produce gas and condensate from the Tin Fouye Tabankort (TFT) field. This new contract, which takes effect when approved by the relevant Algerian authorities, will give Total a 26.4% interest alongside state producer Sonatrach (51%) and Repsol (22.6%). The trio have also signed a gas marketing agreement, Total said June 11. 

The partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250mn barrels of oil equivalent. These investments will allow the field's output, now over 80,000 barrels of oil equivalent/day, to continue for six more years, Total said.

"Today’s agreements mark a new milestone in the implementation of the comprehensive partnership agreement signed between Sonatrach and Total in April 2017, and strengthen the strategic cooperation between the two companies. As a historical partner of the TFT field, Total will continue to provide the best of its technological expertise to keep developing the reserves of this gas field. This project is in line with the group's strategy to grow its gas production in
competitive conditions,“ said Total CEO Patrick Pouyanne.