ALGIERS, July 9 (Xinhua) -- Algeria's state-owned oil company Sonatrach and French energy giant TotalEnergies signed on Sunday in Algiers two contracts worth 739 million U.S. dollars.
The two hydrocarbon contracts center around the operating fields of TFT II and TFT Sud, located in the Sahara Desert, according to a statement issued by Sonatrach.
The TFT II contract involves an investment of around 332 million dollars, which will enable the extraction of 43 billion cubic meters of gas, 4.3 million tonnes of condensate, and 5.7 million tonnes of liquefied petroleum gas (LPG), said the statement.
And the TFT Sud contract, with an estimated investment of 407 million dollars, will allow the extraction of 11.5 billion cubic meters of gas, 1.3 million tonnes of condensate, and 1.6 million tonnes of LPG, it added.
Under the two contracts, the combined production of TFT II and TFT Sud is expected to exceed 100,000 barrels of oil equivalent per day (BOE/D) by 2026, up significantly from the current 60,000 (BOE/D).
The two companies also signed contracts on liquefied natural gas and renewable energies.
