Algeria – The national company Sontrach discovered yesterday Thursday a new oil basin in Kafra, a Nigerian region located on the border with Algeria, reported Friday, November 16 AFP quoting a statement from the Council of Ministers.
"The drilling carried out (reported by Sonatrach) on the Kafra block between December 2017 and February 2018 confirmed the existence of a new oil basin on the Niger-Algeria border," the statement said.
According to the same source, the same board "approved" an amendment to the Production Sharing Agreement (PSC). Signed in August 2015, this contract makes it possible to make an "estimate of the reserves" and "to determine the additional quantities to be discovered" for "the putting into production of the deposits of this new zone".
As a reminder, in 2005, Sonatrach landed a prospecting license in Kafra which was changed to CPP in 2015.