GDF SUEZ announces natural gas discovery in Algeria
GDF SUEZ, through its subsidiary GDF SUEZ E&P International, announces that a new natural gas discovery has been made in the Illizi Basin located in southeast Algeria.
The TESO-2 well was drilled to a depth of 1,307 meters in the Ordovician reservoir. A successful test produced a gas flow of 175,000 cubic meters per day. Appraisal work will be conducted later to assess the size of the discovery.
TESO-2 is the first well of the second exploration program carried out under this licence, which started in January 2015. The drilling program includes at least four additional appraisal wells. Two discoveries had been made during the first exploration phase in 2012 and 2013 respectively with the TIHS-1 and TDE-1 wells.
GDF SUEZ holds 20% of the Sud-Est Illizi licence alongside the operator Repsol (52.5%) and Enel Spa (27.5 %). SONATRACH will participate with a 51% stake in the development and production phases.
The Sud-Est Illizi licence is the second project of GDF SUEZ in Algeria, after the Touat project that is currently in development phase, with a 2017 production target. Located in southwest Algeria and operated in partnership with SONATRACH, Touat is a major natural gas production project for GDF SUEZ, with proven and probable reserves of 68.5 billion cubic meters, plus 8.5 million barrels of condensate.
GDF SUEZ E&P International is active in natural gas exploration-production in 17 countries and holds a portfolio of 346 exploration and/or production licences in Europe, North Africa, the Caspian Sea, the Middle East, Asia-Pacific, and Latin America. In 2014, thanks to the skills of its nearly 1,880 employees, GDF SUEZ E&P International produced 55.5 million barrels equivalent of oil (Mboe) and today has 758.8 Mboe of proven and probable reserves.
GDF SUEZ develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services. GDF SUEZ employs 152,900 people worldwide and achieved revenues of EUR 74.7 billion in 2014. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone, Euronext Vigeo Eurozone 120, Vigeo World 120, Vigeo Europe 120 and Vigeo France 20.