Algerian state firm Sonatrach this week bought a 18.375% stake in the 355mn cfd Ain Tsila gas project from Irish firm Petroceltic, taking its share to 43.375%.

To become the largest shareholder in the field, Sonatrach will pay the Irish independent $20mn on completion, as well as a $140mn development carry and two contingent payments of $10mn based on the timely achievement of production and technical completion milestones. (CONTINUED - 525 WORDS)