Eni (E) and Sonatrach signed a hydrocarbon contract to explore and develop the contractual perimeter of Zemoul El Kbar, located in Algeria's Berkine Basin, Sonatrach said Monday.
The overall exploration and development cost for the Zemoul El Kbar area is pegged at $1.35 billion, out of which $110 million is earmarked for research, the state-owned oil and gas company Sonatrach said.
The expected production from the Zemoul El Kbar area is estimated at 415 million barrels of oil equivalent, Sonatrach said.
The agreement is for a 30-year period, which could be extended by another 10 years, Sonatrach said.
Eni didn't immediately respond to a request for comment from MT Newswires.
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