Algeria Invites Gazprom to Explore for Gas

Algeria has invited Russian giant Gazprom to explore for natural gas.

The offer was discussed at a meeting between Gazprom officials and the Algerian government earlier this week, reports Voice of Russia.

Gazprom will participate in an international tender for the exploration and development of more than 30 prospective hydrocarbon deposits amounting to an estimated one-fifth of Algerian territory.

Another Russian firm LUKOIL has had plans for Algeria since 2006 but, unlike Gazprom, it has been unable to choose a suitable project so far, adds Voice of Russia. IFC analyst Dmitry Lukashov thinks that he knows why.

"Algeria is a gas exporter. So, naturally gas is a priority. LUKOIL found that project less interesting. Algeria’s gas reserves are estimated at 4.3 trillion cubic meters. That’s really something. And in that sense, the country is more interesting for Gazprom and Europe," IFC analyst Dmitry Lukashov told Voice of Russia.

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