China, Algeria ink 490-mln-USD oil exploration contract

STORY: China, Algeria ink 490-mln-USD oil exploration contract DATELINE: May 29, 2022 LENGTH: 0:02:23 LOCATION: Algiers CATEGORY: ECONOMY SHOTLIST: 1. various of the signing ceremony of the oil exploration contract 2. SOUNDBITE (Arabic): MOHAMED ARKAB, Algeria's Minister of Energy and Mines STORYLINE: Chinese oil company Sinopec Overseas Oil and Gas Limited (SOOGL) and Algeria's oil giant Sonatrach signed on Saturday a 490-million-U.S. dollars contract on oil and gas exploration in Algeria's Zarzaitine field, some 1,500 km southeast of Algiers. According to a joint press release by the two companies, SOOGL and Sonatrach will cooperate in the drilling of new wells, the replenishment of existing wells, the revamping of oil facilities, and the reduction of carbon emissions. Under the contract, 95 million barrels of oil are expected to be produced. Algeria's Minister of Energy and Mines Mohamed Arkab, who attended the signing ceremony, hailed Sinopec as a key partner for Sonatrach. "The Chinese partner is e