The Algerian oil and gas company Sonatrach has signed two Memoranda of Understanding (MoUs) with Zarubezhneft (Russia) and TPAO (Turkey) to discuss opportunities to invest in oil and gas exploration, development and production in Algeria.
In December 2019, the Algerian government promulgated a new energy law pursuing the objective to boost investments in the hydrocarbon sector. The text introduces new types of contracts for companies eager to cooperate with Sonatrach on hydrocarbon projects, including production sharing, participation and risk services. The amendment also simplifies procedures for investors. The so-called 51/49 rule, which imposes a limit on foreign participation in oil and gas projects, was maintained.
In March 2020, Sonatrach signed an MoU with Chevron to cooperate on exploration and production activities, with the objective to allow the transfer of technology and technical know-how in various segments of the industry.