Egypt’s state-owned Petroleum Projects and Technical Consultations Company (Petrojet) has received a preliminary award of $1.1 billion to serve as the main contractor for the second phase of Algeria’s Hassi Bir Rekaiz oil field development.
The project will be developed by a consortium comprising Petrojet and Italy’s Arkad Spa to expand the joint venture between Algeria’s Sonatrach and Thailand’s PTTEP, the Egyptian cabinet said in a statement.
The work scope involves constructing a central processing facility with a production capacity of 31,500 barrels per day and associated infrastructure, including 217km of pipelines.
Hassi Bir Rekaiz oil field is located in eastern Algeria. It covers 1,916 square kilometres.
Petroleum and mineral resources minister Karim Badawi said Petrojet’s expanding global footprint supports the ministry’s goal to strengthen regional cooperation with partner countries.
In September Elsewedy Electric, another Egyptian company, announced plans to invest nearly $2.5 billion in renewable energy and other projects in Algeria.
Algeria has had nearly $43 billion in foreign investment over the past two years following the introduction of a new law to facilitate capital inflows, according to official data.
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