Italy’s energy giant Eni said on Monday it had signed an agreement with French major Total to look for oil and gas in Algeria, consolidating its position as the main international player in the north African country.
“Together with Sonatrach and Total, we will have the opportunity to explore the deep waters of the Algerian offshore, a virtually unexplored geological province where Eni will be able to contribute by leveraging its experience in the Eastern Mediterranean and its inventory of advanced exploration technologies,” Eni’s chief executive officer Claudio Descalzi said in a statement.
Descalzi, Algeria’s state-owned giant Sonatrach’s chairman and director Abdelmoumem Ould Kaddour, and Total’s CEO Patrick Pouyanne, signed two accords during the Algeria Future Energy Summit in Algiers, Eni said.
The accords include an exclusive partnership for offshore exploration in Algeria, while working together to obtain exploration permits Eni said.
Eni has been operating in Algeria since 1981 and has strategic contracts with Sonatrach, importing 27 percent of Italy’s gas last year.