LogIn LogOut

New Sonatrach CEO: Foreign Partnerships Essential

May 1, 2019

Rachid Hachichi (Photo: Sonatrach)
Rachid Hachichi (Photo: Sonatrach)

Algeria's state energy company Sonatrach wants to develop its partnerships with foreign firms to boost output and exports, its new chief executive said on Wednesday, comments that could reassure investors a week after his appointment.

Algeria, a member of the Organization of the Petroleum Exporting Countries and a major gas supplier to Europe, has struggled to lift production to meet rising domestic demand, while foreign investors have often balked at contract terms.

Rachid Hachichi, Sonatrach's former head of production and exploration, was named chief executive on April 23, replacing Abdelmoumene Ould Kaddour.

"Our group will continue to develop partnerships with foreign firms seeking to invest in Algeria," he said in a message to mark Labour Day, the state news agency reported

"Partnerships are an essential element in our development strategy, especially in the field of production and exploration," he said.

The former CEO had been seeking to make Algeria more attractive to foreign investors by resolving a series of disputes with oil majors including France’s Total, Italy’s ENI and Spain’s Repsol.

Sonatrach has a deal with Britain's BP and Norway's Equinor to develop Algeria's shale gas reserves, but industry sources said in March that talks with Exxon Mobil on developing a gas field had stalled.

Algeria produces an estimated 1 million barrels per day of crude and 135 billion cubic metres a year of gas. Oil and gas account for 94 percent of Algeria's total exports and 60 percent of the state revenues.

(Reporting by Hamid Ould Ahmed Editing by Edmund Blair)



Current News

Jindal Bags 3-Year Jack-Up Rig Charter with ONGC

Jindal Bags 3-Year Jack-Up Rig Charter with ONGC

Malaysia Offshore Rig Sinking: All 101 Crewmembers Brought to Shore Safely

Malaysia Offshore Rig Sinking: All 101 Crewmembers Brought to Shore Safely

Northern Offshore Services Takes NYK's CTV on Ten-year Charter

Northern Offshore Services Takes NYK's CTV on Ten-year Charter

Renewables to Grow Much Faster Than Oil Industry Expects, Rystad Says

Renewables to Grow Much Faster Than Oil Industry Expects, Rystad Says

Fred. Olsen Windcarrier Sends Another Jack-Up to APAC, as Siemens Gamesa Extends Brave Tern Charter

Fred. Olsen Windcarrier Sends Another Jack-Up to APAC, as Siemens Gamesa Extends Brave Tern Charter

Exxon Expects $200M in Job Cuts Charges

Exxon Expects $200M in Job Cuts Charges

Saudi Aramco Awards Ten-Year Deal for Shelf Drilling's Jack-Up Rig

Saudi Aramco Awards Ten-Year Deal for Shelf Drilling's Jack-Up Rig

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com