RusEnergy

22 January 2007 - Upstream online - Russian state-run oil producer Rosneft and the country's pipeline player Stroitransgaz plan to invest $1.3 billion in oil production in Algeria, Rosneft's vice president Nikolai Borisenko has revealed. A Rosneft and Stroitransgaz alliance has taken a 60% stake in the Block 245 South exploration project in Algeria, he said last night. The remaining 40% interest is being retained by Algerian producer Sonatrach. As part of the project, the Russian companies have explored two fields with confirmed oil reserves of 26.8 million barrels. Next month, the Russian duo will start preparing an application for a production licence from the two fields, Reuters quoted Borisenko as saying. He added Rosneft and the Algerian Energy Ministry had agreed to continue discussing new projects in Algeria.Russian state-run oil producer Rosneft and the country's pipeline player Stroitransgaz plan to invest $1.3 billion in oil production in Algeria, Rosneft's vice president Nikolai Borisenko has revealed. A Rosneft and Stroitransgaz alliance has taken a 60% stake in the Block 245 South exploration project in Algeria, he said last night. The remaining 40% interest is being retained by Algerian producer Sonatrach. As part of the project, the Russian companies have explored two fields with confirmed oil reserves of 26.8 million barrels. Next month, the Russian duo will start preparing an application for a production licence from the two fields, Reuters quoted Borisenko as saying. He added Rosneft and the Algerian Energy Ministry had agreed to continue discussing new projects in Algeria.