Total: extension of TFT gas field license

(CercleFinance.com) - Total today announces that with Sonatrach, Repsol and the Alnaft (National Agency for Resource Enhancement) it has signed, a new concession contract to continue the operation of the gas and condensates field of Tin Fouyé Tabankort (TFT) in Algeria.

This contract will last 25 years.

The partners are committed to carrying out the drilling and development investments required to extract the additional reserves, which are estimated at over 250 million barrels of oil equivalent. These investments will help maintain the field's production. This currently reaches over 80,000 barrels of oil equivalent per day for 6 years.

"This new contract, which will become effective upon the approval by the relevant Algerian authorities, will give Total a 26.4% interest alongside Sonatrach (51%) and Repsol (22.6%). The companies have also signed a gas marketing agreement," Total says.


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