Algeria's state-owned oil company Sonatrach has agreed with French oil major TotalEnergies, Occidental and Italy's Eni to the extension of a production-sharing contract for a period of 25 years for onshore blocks in the eastern part of the North African country.
The contract for Blocks 404a and 208 in the Berkine basin, signed under the 2019 Algerian Hydrocarbon Law, will allow for the development of additional liquid hydrocarbon resources, while reducing carbon intensity in these fields through a dedicated carbon reduction programme, TotalEnergies said in a statement on Tuesday.
"The opportunity to develop and valorise associated gas resources will be studied by the partners, thus increasing export potential towards Europe," the company said.
The four companies will invest $4 billion in the perimeter of Berkine to produce 1 billion of oil equivalent barrels, Reuters reported, citing Sonatrach chief executive Tewfik Hakkar.
“This new contract ... marks a new milestone in the strategic partnership with Sonatrach”, said Laurent Vivier, senior vice president for exploration and production at TotalEnergies in the Middle East and North Africa. "This project is in line with the company’s strategy to develop low-cost oil, while contributing to carbon reduction programmes to minimise our carbon footprint."
Algeria is Africa's biggest gas exporter and supplies about 11 per cent of the natural gas consumed in Europe.
TotalEnergies is active in oil and gas exploration and production in Algeria, as well as in liquefied natural gas through supply contracts with Sonatrach. It is also active in the marketing of lubricant and bitumen.
TotalEnergies and Sonatrach have launched engineering studies for a petrochemical project in western Algeria.
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
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England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
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- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
