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    OilVoice: Algeria Is Reforming Its Laws to Attract Foreign Investment in Hydrocarbons

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Summary

To stem production declines, the Algerian government is amending its foreign investment laws for hydrocarbons to attract investment and technology improvements

by: Erica Mills

Posted in:

Press Notes, Africa

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OilVoice: Algeria Is Reforming Its Laws to Attract Foreign Investment in Hydrocarbons

Algeria is the third-largest oil producer in Africa, after Nigeria and Angola, and the largest natural gas producer in Africa. However, production of both oil and natural gas has declined over the past decade. This declining production has led the Algerian government to amend its law regarding foreign investment in hydrocarbons in an attempt to attract the investment and technology improvements needed to help stop production declines. In 2014, the national oil and gas company Sonatrach offered 33 blocks located in four sedimentary basins with high shale gas and oil potential. This auction resulted in Sonatrach signing five contracts with Repsol, Shell, Statoil, and Dragon Oil-Enel. By law, Sonatrach takes a mandatory majority share (at least 51%) of any resulting projects.

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