Wintershall Dea to buy an additional 11.25% interest in Algeria’s Reggane Nord gas project

Algiers, May 6 - Neftegaz.RU. Germany's Wintershall Dea is increasing its stake in the Reggane Nord project, the company will buy an 11.25% stake in Reggane Nord from Italy´s Edison.
Edison valued the deal at around $100 million.

Dawn Summers, Chief Operating Officer said:

• Algeria holds great potential for gas production and future energy projects
• Increasing our interest in the Reggane Nord project is a 1^st step

After closing, Algeria's state-owned Sonatrach will have 40%, Wintershall 30.75% and Repsol 29.25%.
Thomas Ruttmann, Managing Director for Algeria, said:

• The project has been reliably producing low-cost natural gas since 2017 and has a long future securing energy supply in Algeria and the region

Wintershall entered Algeria in 2002.
Reggane Nord began producing in 2017 and should continue until at least 2041.
The plan covers 6 gas fields over 1,800 sq. km. in the Southwest of Algeria.

Wintershall Dea also has recently extended a MoU with Algeria’s Sonatrach to explore new opportunities in the area of low-carbon energy solutions and gas production in the country.