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ALGIERS, June 7 (Reuters) - Algeria's Sonatrach and Spain's Repsol
REP.MC
have signed an agreement to consolidate their partnership in energy exploration and amicably end their differences, APS state news agency said.
Repsol sought arbitration last year against Sonatrach over changes made to profit-sharing terms about a decade earlier, local and French media reported.
"This accord allows the two companies to make the most of their relationship though continuing joint exploration operations and the amicable settling of differences," the statement on APS said.
State energy company Sonatrach is taking a more flexible approach to bilateral deals with foreign partners as the country looks to increase production.
In May, France's Total
TOTF.PA
signed a new deal with Sonatrach to expand their partnership on new upstream projects, set a new contractual framework for the Timimoun project and continue joint operations at the Tin Fouye Tebenkort (TFT) gas field.
Three years of low oil prices have weighed on the economy of Algeria, which relies on energy for 60 percent of its revenue.
(Reporting by Hamid Ould Ahmed; writing by Patrick Markey; editing by Jason Neely) ((pat.markey@thomsonreuters.com; +213-661-692993; Reuters Messaging: pat.markey.thomsonreuters.com@reuters.net))
Repsol sought arbitration last year against Sonatrach over changes made to profit-sharing terms about a decade earlier, local and French media reported.
"This accord allows the two companies to make the most of their relationship though continuing joint exploration operations and the amicable settling of differences," the statement on APS said.
State energy company Sonatrach is taking a more flexible approach to bilateral deals with foreign partners as the country looks to increase production.
In May, France's Total
Three years of low oil prices have weighed on the economy of Algeria, which relies on energy for 60 percent of its revenue.
(Reporting by Hamid Ould Ahmed; writing by Patrick Markey; editing by Jason Neely) ((pat.markey@thomsonreuters.com; +213-661-692993; Reuters Messaging: pat.markey.thomsonreuters.com@reuters.net))
