Petronas wins Algerian project<\/p>\n
KUALA LUMPUR (DPA): Malaysia's state-owned oil firm, Petronas,
\nhas been awarded a joint project to explore for gas in Algeria in
\na venture with Algerian and French firms, the company said on
\nMonday.<\/p>\n
Petronas will hold the majority 45 per cent share in the
\nventure, with the Algerian oil firm, Sonatrach, holding 30
\npercent while Gaz de France has the remaining 25 per cent share.<\/p>\n
Petronas will act as the lead operator of the venture to
\nexplore for on-shore gas in the Ahnet Block, southwest of
\nAlgiers, which is believed to hold 4.9 trillion standard cubic
\nfeet of recoverable gas reserves.<\/p>\n
The three joint venture partners will invest 58 million
\ndollars for the first five years of the project, which also
\nincludes building a 300-kilometer pipeline to connect to the In-
\nSalah Gas Development Project undertaken by Sonatrach and BP
\nAmoco.<\/p>\n
The signing of the production sharing contract was held on
\nSaturday in Algiers, a Petronas statement said, adding that
\nPetronas' exploration arm, Petronas Carigali Overseas Sdn Bhd,
\nwill handle the project.<\/p>",
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