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Tethys Oil has today signed a Heads of Agreement with the Algerian national oil and gas company Sonatrach, expressing the willingness of both parties to achieve partnership for hydrocarbon exploration, development and exploitation in the areas of interest of El Hadjira II and El Haiad II.
The signing ceremony took place at Sonatrach headquarters in the presence of Mr. Rachid Hachichi, Chairman & Chief Executive Officer, Mr. Magnus Nordin, Managing Director of Tethys Oil AB. and Mr. Mourad Beldjehem, Chairman of The National Agency for the Valorization of Hydrocarbon Resources “ALNAFT”.
The purpose of this Heads of Agreement is to define the framework of cooperation between the parties with a view to conclude hydrocarbon contracts in identified zones of interest under the aegis of hydrocarbon Law n° 19-13 governing the hydrocarbon activities.