Pertamina Invests US$800 Mln in Algerian MLN Block

By Editorial Team 19/06/2023
Oil rig
Summary

PT Pertamina Internasional EP (PIEP), which operates in Algeria through PT Pertamina Algeria EP (PAEP), has extended a hydrocarbon contract for the Menzel Lejmat Nord (MLN) Block 405.

This new contract under Algerian Law No. 19-13 governs hydrocarbon activities. The contract was signed at the Sonatrach head office on Thursday between PIEP and its partners, Sonatrach and Repsol Exploracion 405a SA.

The signing of the production-sharing contract follows the memorandum of understanding that the three companies reached on Sept 28, 2022.

The contract covers the MLN Field and nine other fields, including the Ourhoud and El Merk unitizations. The total investment for this development is over US$800 million, with total resources of nearly 150 million barrels of oil equivalent per day (BOEPD).

Pertamina President Director Nicke Widyawati said on Saturday: “We are delighted to start a new journey for oil and gas operations in Algeria with our partners. This long-term commitment will strengthen our global footprint together with Sonatrach and Repsol.”

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