The MoU shows the interest of both parties to investigate collaboration options following the passing of a new Algerian Hydrocarbon Law
The OMV head office in the Hoch Zwei skyscraper in Vienna. (Credit: DanielZanetti/Wikipedia.org)
Sonatrach and OMV have signed a Memorandum of Understanding to identify potential upstream opportunities where the two parties can jointly invest in exploration or development and production projects in Algeria.
The MoU shows the interest of both parties to investigate collaboration options following the passing of a new Algerian Hydrocarbon Law.
Sonatrach is the national state-owned oil company of Algeria. OMV is an international, integrated oil and gas company based in Vienna/Austria with daily upstream production of 487 kboe/d in 2019 in its five core regions of Central and Eastern Europe, the Middle East and Africa, the North Sea, Russia, and Asia-Pacific.
Source: Company Press Release