The development strategy of Gazprom as a global energy company is targeted at building the entire gas value chain from hydrocarbon production to marketing in new markets based on the production capacities located outside Russia.
Within this strategy, the Company conducts hydrocarbon exploration activities in the El Assel onshore area in Algeria.
In 2006, Gazprom and Sonatrach, Algeria’s government-owned oil and gas corporation, signed the Memorandum of Understanding outlining the major areas of cooperation in the oil and gas industry.
In 2008, Gazprom signed a contract for hydrocarbon exploration and production in the El Assel onshore area with Algeria’s National Agency for the Valorization of Hydrocarbon Resources (ALNAFT). The El Assel project is implemented in partnership with Sonatrach. Gazprom EP International is the project operator. Gazprom and Sonatrach hold 49 and 51 per cent stakes in the project, respectively.