Algeria Courts Gazprom, Lukoil to Jointly Develop its Oil and Gas

Algeria has invited Russia’s Gazprom and Lukoil to tender for the joint development and exploration of some of the 30 fields that make up a fifth of the country, according to Gazprom International.

Cooperation agreements between the two Russian oil and gas majors and Algerian state-owned Sonatrach were signed in August 2006 however no joint projects have been agreed on to date, according to Vedomosti.

Sonatrach is the largest Algerian and African company and the 11th largest oil consortium in the world. Gazprom International highlighted Algeria's huge potential in terms of oil and gas reserves to the media.

Algeria's gas reserves are estimated at 4.2 trillion cubic meters, the second in Africa behind Nigeria.