Repsol and its partners Enel and GdF-Suez have signed an exploration and exploitation contract for the 'Sud-Est Illizi' gas field in Southeastern Algeria with the Algerian National Agency for the Valorisation of Hydrocarbons Resources Alnaft and Sonatrach, the Algerian National Oil Company. The developing consortium is made up of Repsol (52.5%) Enel (27.5%) and GdF-Suez (20%).
The signature took place on Sunday January 17th at an event attended by Algerian Minister of Energy Khelil and the Chairmen of Sonatrach and Alnaft, marking the conclusion of the '2nd Bidding Call for the Awarding of Hydrocarbons Research and Exploitation Contracts'.
The award of this exploration block on December 20th reinforces Repsol's position in Algeria, where the company is already present in Reggane, Tinfouye Tabenkort and Tifernine, reaffirming Repsol's commitment to this country as a growth area as outlined in the 2008-2012 Strategic Plan.
Repsol has carried out an extensive exploration campaign in 2008 and 2009, resulting in some of the world's largest oil and gas finds in the period.
Since 2005, Repsol has doubled the Exploration unit's workforce and has destined a significant share of investment to boost new growth projects. The result of an expanded workforce and the development of groundbreaking technology is that Repsol has multiplied its hydrocarbon resources, which will translate into reserves as they are developed over the coming years. Repsol expects to reach a reserve replacement ratio of 125% by 2012, in line with the goals established in its 2008-2012 Strategic Plan.
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