Wintershall and Sonatrach Sign MOU to Strengthen Cooperation
International oil & gas group Wintershall Dea GmbH and Algerian state-owned Sonatrach SpA have signed a Memorandum of Understanding (MOU) aimed at strengthening cooperation in Algeria.
Under the terms of the MOU, the companies will identify cooperation possibilities in the fields of exploration, development, and production of hydrocarbons in Algeria and internationally. The MoU has a term of two years, effective as of July 1st, 2020. It also provides a framework for Wintershall Dea to identify and potentially access additional business opportunities in Algeria.
“Wintershall Dea is well established in Algeria through our participation in the Reggane Nord project. In 2020 we are evaluating a potential increase of activities in the country, and this MOU is an important step forward,” said Dawn Summers, Wintershall Dea’s COO and Member of the Board responsible for the Middle East & North Africa region.
Wintershall Dea is a major international oil & gas company engaged in E&P operations across Europe, the Middle East and North Africa. The company was formed through the 2019 merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, and is currently owned by German multinational chemical company BASF SE (67%) and Russian billionaire Mikhail Fridman’s LetterOne Group (33%).
Wintershall Dea has been active in Algeria since 2002, and holds a 19.5% stake in the Reggane Nord Concession, which includes six gas fields over 1,800 sq. km in the south-western Sahara Desert. The concession is operated by Groupement Reggane Nord (GRN), a consortium of Wintershall Dea, Sonatrach, Repsol SA and Edison SpA.