Eni (NYSE:E) and Sonatrach signed a cooperation agreement for the development of unconventional oil, with particular focus on shale gas, in Algeria, reinforcing the close relationship between the two companies.
With extensive experience in exploration and production of unconventional oil, Eni and Sonatrach will jointly implement activities to assess the technical and commercial feasibility of exploration and operational initiatives in shale gas.
Based on previous assessments, Eni confirms the significant shale gas reserves in Algeria which Eni and Sonatrach wish to explore and develop. This will enable both companies to make important discoveries which will enhance the gas potential of the country.
Eni has been in Algeria since 1981. Eni's equity production is currently 75,000 barrels per day. In Algeria, Eni holds 24 licenses in production, 8 licenses under development and an ongoing exploration license.