Sonatrach and OMV sign MoU for opportunities in Algeria
Austria’s OMV and Algeria’s Sonatrach have signed a Memorandum of Understanding to identify potential upstream opportunities where the two parties can jointly invest in exploration or development and production projects in Algeria.
The MoU shows the interest of both parties to investigate collaboration options following the passing of a new Algerian Hydrocarbon Law.
Sonatrach is the national state-owned oil company of Algeria. Austria's OMV has daily upstream production of 487 kboe/d in 2019 in its five core regions of Central and Eastern Europe, the Middle East and Africa, the North Sea, Russia, and Asia-Pacific.
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