Algeria: PT Pertamina (Persero) through its Subholding Upstream subsidiary, PT Pertamina Internasional EP (PIEP) operating in Algeria under PT Pertamina Algeria EP (PAEP) extended a new hydrocarbon contract in Menzel Lejmat Nord (MLN), Block 405 which was implemented according to Algerian law No. 19-13 which regulates the activities of hydrocarbon activities.
PIEP together with its partners Sonatrach and Repsol Exploracion 405a SA continue to demonstrate their ability to operate onshore oil and gas blocks. With this trust, the production sharing contract signed is a continuation of the memorandum of understanding agreed between the three companies on September 28, 2022.
"After careful contract preparations, Pertamina and its partners have finally agreed on a new journey for oil and gas operations in Algeria," said Pertamina's Main Director Nicke Widyawati in a written statement, Friday, June 16, 2023.
The joint operation was explained by Nicke to work on the MLN field and nine other fields which include the Ourhoud and El Merk units.
The work program in particular includes the drilling of twelve oil wells and water injection wells, the connection of new development wells, and the construction of an LPG extraction unit and a 3D WAG (Water Alternating Gas) seismic acquisition project, as well as a solar energy production project.
The total investment planned for the implementation of this development is estimated at more than USD 800 million and it is estimated that the oil and gas that can be produced is almost 150 million barrels of oil equivalent.
The signing of this contract is in accordance with the wishes of the three partners to realize it within the MLN contractual scope and to strengthen cooperation in the field of exploration and production of hydrocarbons.
"Our long-term commitment will be a new and exciting journey, reaffirming our global footprint with Sonatrach and Repsol," he said.
President Director of PT Pertamina Internasional EP, Jaffee A. Suardin said, IEP has the potential to produce peak production in block 405a of 36 thousand BOEPD and open new development opportunities in the surrounding area in the next 25 years and the potential for an additional 10 years of contract extension.
"This reflects our strong projections going forward in line with Pertamina's main strategy to become a world-class energy company," added Jaffee. (Kevin Schreiber)
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