Algeria has awarded a $3 billion concession to develop its gas fields, Spanish oil and gas company Repsol said on Tuesday, adding it had a 29.25 percent stake in the project.
The North Reggane project covers six gas fields in the Sahara desert and includes a pipeline for the export of gas, which is due to begin pumping in mid-2016, Repsol added in a statement.
Production is expected to stabilise at 8 million cubic metres a day for the first 12 years the project is in operation. That is equivalent to about 2.9 billion cubic metres a year and compares with Spanish demand of 36 bcm.
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