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ALGERIA: Hyundai Wins 167 million oil field development Contract
Publish Date : 14-Sep-2011
Algeria\'s state-owned hydrocarbon giant Sonatrach and South Korea\'s Hyundai group signed an agreement to develop oilfield in the Algerian desert. The contract, worth an estimated $167-million, is for the construction of a crude-gathering plant at the Bir El M’Sana oil field in southern Algeria.
The contract offers the creation of a production of crude oil with a capacity of 12,000 barrels per day. The construction of the facilities would be completed in 30 months. 25 km pipeline will carry oil to the pipeline network of Sonatrach and an industrial base.
According to the CEO of the Algerian oil company Sonatrach, Noreddine Cherouati, the exploitation of this deposit should contribute to the increased production of Algerian oil.
