Chinese Oil Giant Beats TotalEnergies and ENI Consortium in Algeria Gas Block Tender
China’s Zhongman Petroleum and Natural Gas Group (ZPEC) has scored a stunning victory in Algeria’s latest energy tender, outbidding global heavyweights TotalEnergies and a powerful consortium of Italy’s ENI and Norway’s Equinor for the lucrative Zerafa II natural gas block. This marks the Shanghai-listed company’s first major hydrocarbon exploration venture in Africa, signaling China’s expanding energy footprint on the continent.
The coveted Zerafa II block spans an impressive 38,697.73 square kilometers in the southern part of Algeria’s gas-rich Gourara-Timimoun basin. Algeria’s National Agency for the Valorization of Hydrocarbon Resources (ALNAFT) awarded the production sharing contract to ZPEC, though the company has not disclosed the investment value and confirmed the final contract remains unsigned.
This unexpected victory by an independent Chinese firm over established European energy giants represents a significant shift in North Africa’s energy landscape and highlights the growing influence of Chinese companies in global oil and gas markets.
Source: tradingview.com
