Sinopec Awarded Zarzaitine Field EOR Project
Algeria hasawarded a $525mn enhanced oil recovery (EOR) project for the Zarzaitine field to Chinas Sinopec. Spains Repsol-YPF also bid on the project. The agreement, underwhich Sinopec will work to boost the recovery rate atthe field from 40% of reserves to 50%, will be financed 75% by Sinopec and 25% by Sonatrach. Sinopec has agreed to pay a $41mn signing bonus. The workprogram, scheduled to be carried out over 20...