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FINANCIAL NEWS
Algeria launches licensing round for oil, gas fields
03 Sep 2010
(MENAFN) Algeria has launched a licensing round for 10 oil and gas contract areas, setting the stage for a new test of whether the Opec member can revive lacklustre foreign interest in its energy sector, Reuters reported.
In the previous two bid rounds, many of the contract areas on offer went unclaimed, with some international energy firms saying the financial terms were too tough and the prospects were not attractive enough.
Algeria, which supplies about a fifth of Europe’s gas, needs foreign know-how to meet its targets for raising energy exports, and some analysts say the country risks falling behind if it does not quickly bring in more foreign partners.
Alnaft, the government agency which runs energy bid rounds, said in a statement the deadline for companies to submit their bids was March 3, 2011.
Out of the 10 contract areas on offer, eight have not been included in the two previous licensing rounds.
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