Pertamina, Sonatrach, and Repsol has signed a new contract in Algeria, which entails an investment worth over USD 800 million
To our esteemed investors and analysts,
As of 16th June 2023, Pertamina's Subholding Upstream subsidiary, PT Pertamina Internasional EP (PIEP), has secured a new hydrocarbon contract for Menzel Lejmat Nord (MLN) in Block 405a under Algerian Law regime 19-13. The signing took place in Sonatrach's head office on June 15, 2023.
PIEP, along with partners Sonatrach and Repsol Exploracion 405a SA, will operate an onshore oil and gas block under this production sharing contract. The contract includes the MLN field and nine other fields, including the unitization of Ourhoud and El Merk.
The work program involves drilling of twelve oil wells and a water injection well, connection of new development wells, constructing an LPG extraction unit, and 3D seismic acquisition, Project WAG (Water Alternating Gas), and studying solar energy production projects. The total investment for this development is estimated to be over USD 800 million, enabling the recovery of approximately 150 million barrels of oil equivalent.
The signing demonstrates the commitment of the parties to strengthen their partnership in hydrocarbon exploration and production. The ceremony was witnessed by various CEOs and authorities from Pertamina, Sonatrach, Repsol Algeria, and the Algerian government. Pertamina's CEO expressed appreciation for the new journey in Algeria, emphasizing the company's commitment to becoming a world-class energy company.
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We sincerely appreciate your continued and profound interest towards Pertamina. If there any questions regarding the following material or anything related to Pertamina’s scope of business, please do not hesitate to contact the Pertamina Investor Relations Team through pertamina_ir@pertamina.com
Best regards,
Pertamina Investor Relations