Sinopec has signed a memorandum of understanding (MoU) with Sonatrach, with a focus on its Zarzaitine licence.
The two companies expressed their interest in consolidating their existing partnership and finding new opportunities.
Sinopec signed up to work on Zarzaitine in 2003, with commitments to enhanced oil recovery (EOR).
The agreement with Sonatrach aims to extend the current licence beyond 2023, when it is due to expire. The two companies talked about bringing the licence into line with Algeria’s new oil regulations, Law 19-13.
The MoU set out plans to find new opportunities, which might involve co-operation in LNG and petrochemicals. The statement noted work might be carried out in Algeria and the US.
Sonatrach also signed an agreement with Equinor this week.
Algerian Minister of Energy and Mines Mohamed Arkab also held talks on May 19 with the Russian ambassador to the North African state, Igor Believ.
The two talked about the possibility of partnering in the energy sector, in exploration and production, through to maintenance and transportation of electricity.
Arkab called on Russian companies to invest more in Algeria and build partnerships with local companies.
The two also discussed stability in the oil markets, and the role of OPEC and non-OPEC co-operation.