TotalEnergies announces gas deals in Algeria and start of production in Azerbaijan
[ad_1]
TotalEnergies CEO Patrick Pouyanne and Algerian Sonatrach CEO Toufik Hakkar signed today, July 10, a series of agreements. They concern the development of gas fields and the development of renewable energy in Algeria, as well as the supply of Algerian gas to Europe.
In particular, the parties agreed to amend the existing contracts to increase production at the Tin Fouye Tabankort II (TFT II) and Tin Fouye Tabankort Sud fields in such a way that they comply with the requirements of the law on oil production in Algeria that came into force in December 2019. The contracts provide for an increase in investments in the fields aimed at upgrading existing capacities and drilling additional wells. Combined production from the two fields is expected to exceed 100,000 barrels of oil equivalent per day by 2026, compared to around 60,000 barrels in 2022.
The parties also extended for 2024 the agreement on the supply of liquefied natural gas from Algeria to France in the amount of 2 million tons. Finally, the companies signed an agreement to explore opportunities for implementing renewable energy projects. Among them is the possibility of installing solar power plants at oil and gas fields and at seawater desalination plants, as well as a project to produce renewable low-carbon hydrogen for its subsequent export.
In addition, today, July 10, TotalEnergies announced on the start of production at the Absheron gas condensate field in Azerbaijan. The French company is implementing this project jointly with the State Oil Company of the Republic of Azerbaijan. The production capacity of the first phase of the project is 4 million cubic meters of gas per day and 12,000 barrels of condensate per day. The gas will be sold on the domestic market of Azerbaijan.
[ad_2]
Source link
