Algeria: LNG contracts

Repsol YPF and Gas Natural SDG have been awarded an integrated project for the joint exploration, production, and marketing of liquefied natural gas (LNG) in the Gassi Touil zone, in east Algeria, in a tender process promoted by the Algerian public company Sonatrach. The consortium, in which Repsol YPF holds a 60% stake and Gas Natural SDG 40%, will make a joint investment of EUR 1628 million in the awarded 30-year project. The two companies, which began to work on this project in 2003, will produce the gas reserves already discovered in Gassi Touil, Rhourde Nouss, and Hamra, and will undertake exploration work in the awarded zone to discover additional oil and gas reserves for their subsequent development and production. The project also contemplates the construction of a liquefied natural gas plant in Arzew, for jointly marketing the gas from the awarded production area. The liquefaction plant will have a 5.2 bcm/year of LNG capacity , equivalent to 20% of Spain´s domestic consumption, and could be enlarged in the future with a second train to optimise the project. This liquefaction plant could start commercial operations in 2009.

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