Cepsa and PETRONAS have concluded the acquisition process for Cepsa to take over PETRONAS’ stake in the Bir el Msana (BMS) field in Algeria. Following the acquisition, the Company has increased its working interest in BMS, from 45% to 75%, with the remaining 25% belonging to Sonatrach (Algeria’s state hydrocarbon company).

The completion of the acquisition took place at an event held today at the Petronas Towers in Kuala Lumpur, Malaysia. The signing was attended on behalf of Cepsa by Francisco Claver, Cepsa’s Director for Algeria, while PETRONAS was represented by Azman B A Aziz, its General Manager for Strategy & Commerce.

The BMS oil field is located in the north-eastern Algerian desert, in the Berkine basin where, along with Sonatrach, Cepsa has led operations since 2013. Since starting up production in July 2015, the site now has three oil production wells, three water injector wells and one gas injector. Currently, the field produces around 12,500 barrels per day of oil.

The increase of Cepsa’s participation in this field reaffirms the Company’s commitment to Algeria, where it has been operating for over 30 years, and to Sonatrach, its strategic partner in the country.