Sonatrach wins arbitration case
Algeria's Sonatrach has announced that it has won an international arbitration case concerning a contract disagreement with Medex Petroleum North Africa.
The Algerian oil company filed the arbitration claim in 2015 in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL), to terminate contracts with Medex due to the latter’s failure in fulfilling its obligations regarding the exploration and development of the Bourarhat North and Erg Issaouane fields.
According to Sonatrach, the decision would let it to regain complete control of the two fields. It added that the ruling was decided in its favor on December 12.
The two southeastern fields have a joint daily production of 15,500 barrels of oil, 3.7 million cubic meters of gas, 8.680 million barrels of condensate, and 500 tonnes of LPG (liquefied petroleum gas), Reuters reports.