Sonatrach, BP, Statoil sign upstream MoU

Sonatrach signed a memorandum of understanding (MoU) with Algerian units of BP and Statoil for upstream exploration opportunities.

Algeria’s state-owned firm said it signed with BP Exploration El Djazair Limited and Statoil North Africa Gas AS, without giving further details.

The agreement is the latest sign that Algeria’s NOC is trying to rebuild relationship with international oil and gas companies since Sonatrach's Abdelmoumen Ould Kaddour was appointed CEO last year. He has made it a priority to resolve disputes with oil majors which have dented their appetite to invest in the North African country.

Earlier in February, Sonatrach agreed to a settlement with Italian oil firm Saipem, ending their legal dispute over gas projects.