Algeria’s national oil company SONATRACH and Austrian oil and gas company (OMV) signed a Memorandum of Understanding (MoU) to initiate discussions to identify opportunities for both parties to jointly invest in oil and gas operations. ‘exploration, development and production of hydrocarbons projects in Algeria.
The memorandum of understanding shows the interest of the two parties in evaluating the opportunities for collaboration following the recent promulgation of the new law on hydrocarbons.
Based in Vienna (Austria), OMV is an integrated international oil and gas company, with daily upstream production of 487 kboe / d in 2019, across its five main regions of Central and Eastern Europe, the Middle East and Africa, North Sea, Russia and Asia Pacific, the statement concluded. (APS).