Gazprom signed a contract on exploring and developing oil and gas in eastern Algeria
The Algerian newspaper El Watan reported recently about Gazprom's winning a hydrocarbon exploration and development tender for the onshore El Assel area, located in Algeria's Berkine Basin.
Gazprom received a 49% stake in the project and now plans to invest about $120 million in geological exploration and drill four exploratory wells. The recoverable oil reserves of the El Assel deposit have been estimated at 220 million barrels.
Algeria's proven natural gas reserves are the second largest in Africa after Nigeria. The country's natural gas reserves are largely located in central and eastern Algeria.
Algeria's proven oil reserves amount to 11.6 billion barrels, the third largest in Africa after Libya and Nigeria.