Medgaz gas contracts signed

The gas will be delivered to TFE in Europe via the future pipeline connecting Algeria directly to Spain, currently under study by the Medgaz.

Sonatrach and TotalFinaElf have a respective 20% and 12% stake in the Medgaz project, along with partners Cepsa (20%), BP, Gaz de Frane, Endesa, and Eni (each with 12%). The pipeline, of a planned capacity of 8Bcum/yr of gas and with the possibility of increasing capacity to 16Bcum/yr, will be laid at water depths of more than 2000m.

In Algeria, TotalFinaElf was recently awarded an exploration permit for the Timimoun fields and is joint operator with Sonatrach in the Algerian natural gas field Tin Fouye Tabankort. Furthermore, the company is partnered with the national Algerian oil and gas company for production in the Hamra gas field. With this new agreement, TFE continues to strengthen its position in gas trading and marketing in Europe, particularly in Spain. It also confirms TFE’s commitment to develop new infrastructure as concerns gas transport, such as Medgaz.

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