Petronas wins Algerian project

Petronas wins Algerian project

KUALA LUMPUR (DPA): Malaysia's state-owned oil firm, Petronas,
has been awarded a joint project to explore for gas in Algeria in
a venture with Algerian and French firms, the company said on
Monday.

Petronas will hold the majority 45 per cent share in the
venture, with the Algerian oil firm, Sonatrach, holding 30
percent while Gaz de France has the remaining 25 per cent share.

Petronas will act as the lead operator of the venture to
explore for on-shore gas in the Ahnet Block, southwest of
Algiers, which is believed to hold 4.9 trillion standard cubic
feet of recoverable gas reserves.

The three joint venture partners will invest 58 million
dollars for the first five years of the project, which also
includes building a 300-kilometer pipeline to connect to the In-
Salah Gas Development Project undertaken by Sonatrach and BP
Amoco.

The signing of the production sharing contract was held on
Saturday in Algiers, a Petronas statement said, adding that
Petronas' exploration arm, Petronas Carigali Overseas Sdn Bhd,
will handle the project.