Algeria Oil and Gas Industry
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As per reports from Algeria oil and gas industry, a seventh round of licensing was held during December. Four major deals were signed in this round by major oil and gas companies from around world. However, there were 11 concessions, which were unable to draw attention of any company, which attended that round of licensing.
As per reports from Algeria oil and gas industry, a seventh round of licensing was held during December. Four major deals were signed in this round by major oil and gas companies from around world. However, there were 11 concessions, which were unable to draw attention of any company, which attended that round of licensing.
Medgaz, a major consortium of oil and gas industry in Algeria, declared that it has concluded construction of a gas pipeline that would be connecting Spain to Algeria. 36 percent of this company is owned by Sonatrach of Algeria. Spanish oil and gas organizations Iberola and Cepsa hold 20 percent each in this enterprise. Endesa, a Spanish oil and gas company holds 12 percent stake in Medgaz and GDF Suez holds 12 percent as well.
In latest licensing rounds conducted in December 2008 by oil and gas industry of Algeria, several major oil and gas companies from around world emerged victorious. These companies were Eni of Italy, E.ON from Germany, BG Group of United Kingdom and Gazprom from Russia.
In another recent development in oil and gas industry at Algeria, Sonatrach, which is a state owned oil and gas company, has made three new discoveries of hydrocarbon resources in Sahara desert. As per reports of APS, Algerian news agency, this particular finding makes it 16 discoveries for 2008.
Algeria wishes to make sure that it has a majority share in all projects, which are being executed in Algerian oil and gas industry with overseas companies. Fresh investment laws had been passed during August 2008 and energy minister Chakib Khelil has reiterated necessity of oil and gas companies to function in accordance to these laws.
In all these projects of Algeria oil and gas industry, ownership of overseas companies would be restricted to 49 percent. This move would have a significant impact on certain unauthorized projects that are being carried out in petrochemicals sector.
As per latest reports, it has been confirmed that $45.5 billion would be pumped into Algeria oil and gas industry from 2008 to 2012. Sonatrach would be providing lion’s share of $35.8 billion in this investment project. Foreign associates are supposed to contribute remaining amount.
