Gas Natural and Repsol YPF secure first joint contract in Algeria (Repsol YPF y Gas Natural logran en Argelia su primer gran contrato conjunto).

(From El Pais)

Spanish gas group Gas Natural and Spanish petrochemicals group Repsol YPF have secured a contract for the joint exploration, production and sale of gas from a gas field in Gassi Touil, a region in the east of Algeria. The 30-year contract, which was awarded by Algerian state-owned group Sonatrach, will double Repsol YPF's production in Algeria and see both companies invest 1.628bn euros, more than 70 per cent of which will be invested by 2009.

Although Repsol YPF had been awarded a contract to prospect for gas and oil in July, the new contract, awarded yesterday, is particularly …