Algeria has signed two agreements with Oman-based exploration and production company Petrogas for the development of oil fields.

The state-owned National Agency for the Valorisation of Hydrocarbon Resources (Alnaft) finalised the deals in the capital Algiers on Wednesday.

Alnaft said in a statement that the agreement aims to develop new fields and boost production from existing fields.

The fields are located in East Algeria, where Petrogas will fist conduct studies on two oil blocks with the aim of evaluating and developing their deposits.

Alnaft’s director general Samir Bekhti said the objective of the two agreements with Petrogas is to increase production from the oil fields located in the two blocks covered by the agreements, and to improve and explore other potentials in the two sites. 

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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