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PARIS - TotalEnergies (EPA:TTEF) (Paris:TTE) (LSE:TTE) (NYSE:TTE), in partnership with QatarEnergy, has been awarded the Ahara exploration license as part of Algeria’s 2024 bid round, according to a company press release.
The license covers approximately 14,900 square kilometers at the intersection of the Berkine and Illizi Basins. TotalEnergies will operate during the exploration and appraisal phases with a 24.5% interest, equal to QatarEnergy’s stake. Algeria’s national oil company SONATRACH will maintain a 51% majority interest as required by Algerian law.
This marks the first license awarded under Algeria’s hydrocarbon law No.19-13 through a tender conducted by The National Agency for the Valorization of Hydrocarbon Resources (ALNAFT).
"TotalEnergies is delighted that its joint bid with QatarEnergy has led to the award of the Ahara license, allowing us to write a new chapter in our long-lasting partnership with SONATRACH in Exploration in Algeria," said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
The French energy company has established operations in Algeria, producing 51,000 barrels of oil equivalent per day (group share) in 2023 through interests in the TFT II and Timimoun gas fields and Berkine Basin oil fields. The company also maintains downstream activities in lubricants and bitumen through local subsidiaries.
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