algeria sonatrach's $1 billion project for natural carbon storage
Sonatrach, the national state-owned oil company of Algeria, has planned a $1 billion project for natural carbon storage. Mohamed Arkab, the Minister of Energy and Mining of Algeria, has confirmed that 420 million trees will be planted over 10 years under the $1 billion project.
Algeria’s Ennahar TV reported on Monday that Sonatrach’s $1 billion project for natural carbon storage would be helpful green energy. Energy Minister Mohamed Arkab lauded the initiative to plant 420 million trees over 10 years. The Energy Minister noted that planting trees can improve air quality, climate amelioration, conserve water, preserve soil, and support wildlife.
Sonatrach has been adopting various strategies for energy transition. Last week, the newly appointed CEO of Sonatrach, Rachid Hachichi, met with the CEO of Eni, Claudio Descalzi, to discuss natural gas production and export, investments in Algeria and energy transition initiatives. They agreed for the development of Eni’s operated natural gas production, as well as gas and LNG (Liquefied natural gas) export to Europe.
As Algeria prioritizes the development and efficient utilization of its gas resources for sustainable growth, Sonatrach stands at the forefront for energy transition initiative.
Algeria’s Sonatrach also formed strategic partnerships with global energy stakeholders and investors for the monetization of Algeria’s abundant reserves.
In July, Sonatrach entered into a strategic agreement with TotalEnergies in the production of natural gas in Algeria and the delivery of liquefied natural gas to Europe. The two companies also agreed to strengthen the cooperation.
The two companies also agreed for the development of the Tin Fouyé Tabankort II (TFTII) and Tin Fouyé Tabankort Sud (TFT sud) fields in southern Algeria (Sonatrach 51%, TotalEnergies 49%), while also improving its LNG capabilities.
TotalEnergies and Sonatrach also agreed to cooperate to develop renewable energy projects in Algeria, including an R&D program in low carbon energies and the energy transition.
Algeria’s state-owned company Sonatrach and TotalEnergies also signed hydrocarbon deals related to the exploitation of the TFTII and TFT South fields.
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