The Algerian newspaper Al-Shoruk has revealed the details of a $4 billion agreement signed between the Algerian company Sonatrach and a number of European companies to increase the supply of natural gas from Algeria to Italy.
It says Algerian Energy and Mining Minister Mohamed Arkab oversaw the signing ceremony of an important agreement between Sonatrach and a number of its foreign partners.
The agreement aims, as Algerian President Abdelmadjid Tebboun announced on Monday evening, to supply large volumes of natural gas to Italy.
The agreement was signed between Sonatrach, Occidental and Total, in addition to the Italian Eni, in the presence of the ambassadors of Italy, France and the United States.
The agreement is aimed, according to Sonatrach, at the completion of a major gas project in the Berkin area of Hassi Messaoud.
The project will “recover additional hydrocarbons in excess of 1 billion barrels of oil equivalent”, which will increase the average level of total recovery to 55%.
The project includes the drilling of 100 oil wells and the conversion of 46 wells to wells using state-of-the-art technology, which helps to increase hydrocarbon production.
The project will also rely on “digital solutions” to manage its oil fields, in addition to environmental projects related to reducing its carbon footprint.