Chinese Antoon, Sonatrach Seal Energy Sector Pact

Sonatrach, Algeria's national oil company, and China's Antoon Oilfield Technology Group signed a Memorandum of Understanding (MoU) in Beijing on Saturday. This agreement aims to explore cooperation opportunities within the oil and gas sector, encompassing related services. The signing ceremony took place during a visit by Sonatrach's President and CEO, Noureddine Daoudi, accompanied by a high-level delegation to China.

The newly established protocol outlines a framework for assessing various development prospects, including unconventional resources and marginal fields. Furthermore, the MoU seeks to investigate solutions for enhanced oil recovery and facilitate the local manufacturing of well completion tools and specialized natural gas equipment.

Expected cooperation under the MoU also extends to the exchange of technical expertise and the transfer of technology. Both entities plan to launch initiatives designed to strengthen capabilities within the oil and gas sector, with particular emphasis on unconventional resources. Antoon Oilfield Technology Group, listed on the Hong Kong stock exchange, is a specialized company known for its oilfield technology services, characterized by its competitive technologies, dynamism, and rapid, sustainable development.