Algeria's Sonatrach, Repsol Sign Pact to Consolidate TiesSource: Reuters 6/7/2017, Location: Africa
Algeria's Sonatrach and Spain's Repsol have signed an agreement to consolidate their partnership in energy exploration and amicably end their differences, APS state news agency said.
Repsol sought arbitration last year against Sonatrach over changes made to profit-sharing terms about a decade earlier, local and French media reported.
"This accord allows the two companies to make the most of their relationship though continuing joint exploration operations and the amicable settling of differences," the statement on APS said.
State energy company Sonatrach is taking a more flexible approach to bilateral deals with foreign partners as the country looks to increase production.
In May, France's Total signed a new deal with Sonatrach to expand their partnership on new upstream projects, set a new contractual framework for the Timimoun project and continue joint operations at the Tin Fouye Tebenkort (TFT) gas field.
Three years of low oil prices have weighed on the economy of Algeria, which relies on energy for 60 percent of its revenue.
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