June 11, 2018 / 11:01 AM / 5 months ago

Total signs deal to extend TFT gas field license in Algeria

FILE PHOTO: The logo of French oil giant Total on a flag at La Defense business and financial district in Courbevoie near Paris, France. May 16, 2018. REUTERS/Charles Platiau/File Photo

PARIS (Reuters) - French oil and gas major Total (TOTF.PA) said on Monday that it had signed a new concession agreement with Algeria’s Sonatrach, Repsol (REP.MC) and Alnaft for a 25-year extension of their Tin Fouyé Tabankort (TFT) gas and condensate field license.

It said the agreement would give Total a 26.4 percent stake in the project. Sonatrach will hold 51 percent and Repsol 22.6 percent.

The partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250 million barrels of oil equivalent, Total said in a statement.

“These investments will allow them to maintain production of the field, which is currently over 80,000 barrels of oil equivalent per day for 6 years,” it said.

Reporting by Bate Felix; Editing by Brian Love

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