Algeria’s state-run oil company Sonatrach and Russia’s Lukoil on Monday signed a Memorandum of Understanding (MoU) covering many cooperation areas including joint investment and production at home and abroad.
Sonatrach said the agreement will enable both sides to identify joint investments in oil exploration and production in the North African country after the adoption of the new Algerian oil law.
The agreement follows a set of other deals with foreign companies, in a bid to increase production and attract investment.
Lukoil is the second Russian company to have signed such an agreement after Zarubezhneft.
Lukoil, a state-run multinational energy company headquartered in capital Moscow, operates in extraction, production, transport and sales of petroleum, natural gas, and petroleum products.