Algeria’s oil and gas company Sonatrach signed a memorandum of understanding on Monday with Norway’s Statoil and Britain’s BP to strengthen cooperation particularly in upstream oil exploration. a joint statement said.
It is the latest sign of Sonatrach seeking to deepen ties with oil majors since Abdelmoumen Ould Kaddour took over as chief executive 10 months ago. He has resolved several disputes with foreign firms including Italy’s Eni . France’s Total and Italy’s Saipem .
The move aims to boost Sonatrach’s attractiveness to secure investment and technology to raise stagnant output in both oil and gas. which make up 97 percent of state income.
BP and Statoil are already present in Algeria. working with Sonatrach at the Tiguentourine gas plant in the region of In Amenas.