Sweden’s Tethys Oil said on Tuesday that it signed a Heads of Agreement with the Algerian national oil and gas company Sonatrach.

The two companies agreed in principle to work together on exploring and developing oil and gas in the El Hadjira II and El Haiad II areas, according to a Tethys Oil press statement.

“The purpose of this Heads of Agreement is to define the framework of cooperation between the parties with a view to conclude hydrocarbon contracts in identified zones of interest under the aegis of hydrocarbon Law no 19-13 governing the hydrocarbon activities,” the statement noted.  

(Writing by Nadim Kawach; Editing by Anoop Menon)


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