Sonatrach Terminates the Contract on the Isarene Perimeter Concluded

Source: www.gulfoilandgas.com 4/15/2021, Location: Africa

SONATRACH terminated the contract for the exploration and exploitation of hydrocarbons on the Isarene perimeter (blocks 228 and 229a), concluded on September 26, 2004 with the company Petroceltic International PLC, under the aegis of the law n ° 86-14 of August 19, 1986, modified and supplemented, relating to the activities of prospecting, research, exploitation and transport by pipeline of hydrocarbons.

SONATRACH proceeded with this termination in compliance with the contract and in particular the clauses which recognize this right. SONATRACH exercised this right after having unsuccessfully asked Petroceltic to comply with its contractual obligations.

By virtue of the termination notification, Petroceltic is granted a period of time to transfer the oil operations to SONATRACH. As a reminder, Petroceltic, whose participation rate was around 75% at the signing of the contract, significantly reduced its participation by two successive transfers of its rights and obligations formalized by amendments. On the date of termination, this rate was 38.25%.

In addition, it should be noted that the development plan for this perimeter was approved in 2012 for commissioning in 2017 with a production level of 10 million m3 per day of gas, 17,000 barrels per day of LPG. and 11.5 thousand barrels per day of Condensate.

SONATRACH will continue the development efforts of this project with the objective of bringing this deposit into production in November 2022.


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