Algeria’s Sonatrach, Sinopec sign $490 mil production sharing agreement for Zarzaitine

Algeria’s state-owned Sonatrach and its Chinese partner Sinopec have signed a production sharing agreement for the Zarzaitine oil field that will see the recovery of some 95 million barrels as the OPEC producer seeks to woo foreign investments to its energy sector. Under the agreement, Sonatrach and Sinopec will revamp the natural gas lift unit, drill 12 new wells, work…