Algeria’s Sonatrach Group has signed an $850 million contract with China’s Sinopec for the exploration and production of the Hassi Berkane-North (HBAN) field.
The agreement, signed on February 25, was formalized by Farid Djettou, Sonatrach’s Vice President of Exploration and Production, and Xue Weisong, General Manager of Sinopec.
Situated 80 km southwest of Hassi Messaoud, the HBAN field covers 9,700 km² and encompasses hydrocarbon-rich blocks 428 and 429. The contract, valid for 30 years with a potential 10-year extension, follows a Memorandum of Understanding signed between the two companies in March 2024 to strengthen hydrocarbons cooperation.
Sinopec will fully finance the initial exploration phase, with subsequent investments allocated 70% to Sinopec and 30% to Sonatrach, provided the exploration yields promising results.
