OSLO, Norway, April 12 Norway's Statoil (STL.OL) said it and two partners in Algeria's In Salah Southern Fields gas project have signed a $1.15 billion field development contract with Petrofac International (PFC.L).
The engineering, procurement and construction contract is part of the phase two development of the In Salah license. Statoil said first gas from the Southern Fields development project is expected for the first half of 2014.
Statoil has a 31.85 percent investment share in the license. BP (BP.L) has 33.15 percent and Algeria's state-owned Sonatrach owns 35 percent.