TotalEnergies last month finally completed the purchase of Repsol’s 22.64% stake in Algeria’s Tin Fouye Tabankort (TFT) wet gas field in the Illizi Basin. Originally announced early last year (MEES, 27 March 2020), the deal leaves Total (49%) the sole partner of Sonatrach (51%) at the field.
TFT once produced close to 650mn cfd but natural decline has seen output drop below 400mn cfd. In 2018, Total and Repsol extended their contract to 2044 and pledged to invest $324mn to sustain output (MEES,15 June 2018). Total also agreed a $400mn deal to tie-in fresh output from the adjacent ‘TFT Sud’ (Block 226) to TFT’s underutilized processing facilities. (CONTINUED - 261 WORDS)