Gazprom & Sonatrach Make Oil, Gas Find in Algeria

Algerian state energy firm Sonatrach has made a new oil and gas find with Russia's Gazprom following a successful drilling in the desert Berkin basin, bringing to three the number of joint discoveries there.

Last week, Algeria awarded just four out of 31 oil and gas fields on offer in its latest energy bidding round as the North African OPEC producer looks to bolster stagnant oil and gas output. All four were won by foreign consortiums.

The new discovery was made in the El Assel area at block 236b after drilling reached a final depth of 4,120 metres, the Algerian firm said in a statement.

Gazprom and Sonatrach had made two discoveries in the same perimeter following the drilling of RSH-2 and ZERN-1 exploration wells.

Sonatrach holds a 51 percent stake in the project while the remaining 49 percent is owned by Gazprom.

Sonatrach has made 18 oil and gas discoveries for the first eight months of this year. Algeria made 32 hydrocarbon finds, including 29 by Sonatrach alone, in 2013.

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