Algeria’s state-owned oil company, Sonatrach, has signed a Memorandum of Understanding (MoU) with Spanish multinational oil and gas company, Cepsa to allow both companies to evaluate joint growth opportunities in the exploration, development and production of hydrocarbons in Algeria and globally.
The MoU was signed last week at Sonatrach’s headquarters in Algiers by Toufik Hakkar, CEO of Sonatrach, and Philippe Boisseau, CEO of Cepsa.
The finalization of the agreement highlights Sonatrach’s hope to strengthen its alliance policy aimed at increasing hydrocarbon reserves as well as levels of production, particularly within the ambit of hydrocarbon activities Law.
Similarly, for Cepsa, the signed agreement calls attention to the representation of a strategic alliance with Sonatrach; providing for a continuation of the long and high-yielding collaboration with the company, which has spanned over more than three decades. It also reaffirms the company’s sustained growth in Algeria.