Algerian state-owned energy company Sonatrach SpA and French oil major Total SA (NYSE: TOT) have signed a new deal to strengthen their existing partnership and have agreed to settle earlier disputes, the companies said April 10.
They said the new deal would allow them to expand their partnership on new upstream projects, with a new contractual framework for the Timimoun project, as well as continued joint operations for the Tin Fouye Tebenkort (TFT) gas field.
They added they had agreed to settle amicably earlier disputes between the two companies, which had seen Total seeking arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s.
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