E - Eni Algeria's Sonatrach ink oil exploration MoU

Eni ([[E]] +0.2%) signs an agreement with Algerian state energy company Sonatrach to boost their exploration and production partnership in the key Berkine Basin in the eastern part of the country.The memorandum of understanding "aims to draw a roadmap that defines the steps to be followed in order to conclude one or more contracts... under the new legal framework," Sonatrach says, referring to last year's approval of a new energy law aimed at improving Algeria's investment climate after declining production and exports.Eni is the main foreign oil and gas player in Algeria, where it has been operating since 1981.Eni "surprisingly manages to generate positive free cash flow so should be able to maintain its dividend," Power Hedge writes in a report published recently on Seeking Alpha.

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Eni, Algeria's Sonatrach ink oil exploration MoU