Elf acquires interest in Algerian venture

An agreement announced yesterday between Elf Hydrocarbures Algerie, a subsidiary of France's Elf Aquitaine, and Arco El Djazair Co. calls for Elf to acquire a 40% interest in production sharing in Algeria's Rhourde El Baguel field. The agreement, subject to the approval of Entreprise Nationale Sonatrach, which initially signed the production sharing contract, and the Algerian authorities, is estimated to be worth $1.5 billion over its 25-year length. The field's production is expected to rise to 120,000 barrels daily after a development project is completed, Elf said.