Statoil and Shell were awarded the Timissit Permit Licence in the Illizi-Ghadames Basin onshore Algeria.

The licence is located in southeastern Algeria and covers an area of 2730 square kilometres. Statoil bid in partnership with Shell, where Statoil will be the operator with 30% equity, Shell will hold 19% equity and the remaining 51% will be held by Sonatrach.

The award represents an opportunity to test a potentially large shale resource play. The opportunity is aligned with Statoil’s exploration strategy of early access at scale and deepening core positions.

The new licence represents an opportunity to build on the existing country position by adding acreage with material exploration potential. The large shale potential in Algeria may become an increasingly important component of the country’s gas exports to Europe in the future.

Tags: Shell, Statoil