MADRID, Feb 14, 2012 (AFP) - A consortium will invest 2.2 billion euros ($2.9 billion) to develop the Reggane North gas fields in the Algerian desert after having received government approval, Spanish company Repsol said Tuesday.
"The Algerian authorities have approved a development plan for the six fields of the Reggane North project in the Algerian Sahara," Repsol said in a statement.
Algeria's Sonatrach holds a 40 percent stake in the project, Repsol 29.95 percent, Germany's RWE Dea holds 19.5 percent and Italy's Edison 11.25 percent.
The project should begin producing 8.0 million cubic metres of gas per day from mid-2016.
ib/rl/wai
