VN, Algeria enhance energy cooperation
10:00 | 12/08/2009
VGP - Việt Nam and Algeria are unanimous to strengthen energy cooperation through an agreement between the Việt Nam National Oil and Gas Group (PetroVietnam) and Algeria’s Sonatrach Group.

Sonatrach and its partners, PetroVietnam and Thailand’s PTT Exploration & Production PLC (PTTEP), already established Bir Seba joint operating company (Bir Seba JOC) to exploit oil and gas in the Sahara Desert in South Algeria. The total capital investment is worth of US $2 billion, in which PetroVietnam holds 40%, PTTEP 35% and Sonatrach 25%.

Currently, the three sides are conducting researches, setting up necessary projects on infrastructure and human resources as well as assessing the production ability.
As planned, Bir Seba will start to exploit oil at the end of 2011 or early 2012. In the first three years, the output is estimated at 2 million tons of crude oil per year (20,000 barrels per day) and 1.8 million tons since the fourth year on.

The project will last for 25 years. 

By Thùy Dung

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