Wintershall Dea has agreed to acquire an additional 11.25% participating interest in the Reggane Nord natural gas project, in Algeria, from Edison International for an undisclosed sum.
The project is operated by the Groupement Reggane Nord (GRN) consortium.
Following the completion of the deal, Wintershall Dea will own a 30.75% stake in GRN while Sonatrach and Repsol will hold 40% and 29.25%, respectively.
The Reggane Nord project includes six gas fields in blocks 351c and 352c of the Reganne basin, in the Algerian Sahara desert.
Covering a total area of 1,800km² in the Southwest of Algeria, the fields include Reggane, Azrafil Southeast, Kahlouche, South Kahlouche, Tiouliline, and Sali.
Wintershall Dea chief operating officer and Middle East and North Africa responsible board member Dawn Summers said: “Algeria holds great potential for natural gas production and future energy projects.
“That is why we want to grow our presence in Algeria and contribute to the development of its energy sector. Increasing our interest in the Reggane Nord project is a first step.”
The transaction is subject to customary authority approval.
Wintershall Dea Algeria senior vice-president and managing director Thomas Ruttmann said: “The project has been reliably producing low-cost natural gas since 2017 and has a long future securing energy supply in Algeria and the region.”
Wintershall Dea has recently extended a memorandum of understanding with Algeria’s state-owned oil company Sonatrach to explore new opportunities in the area of low-carbon energy solutions and gas production in the country.