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Statoil increases its presence in Algeria

Statoil has been awarded the operations of the gas section of Hassi Mouina in Algeria.

Statoil has been awarded a 75 percent share in the section, while the government owned oil and gas company Sonatrach has been awarded a 25 percent share, according to a press release issued by Statoil.

The gas section covers an area of 22,993 square kilometers at Timimoun Basin. Sonatrach has already drilled one well in the area and made a gas find that Statoil can develop.

The contract Statoil has signed runs for three years and covers two exploration wells. In addition, Statoil is going to make an agreement with Sonatrach to define the gas find that has already been located.

Hassi Mouina is located near to the gas project In Salah, where Statoil has a 31.85 percent ownership.

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