Both the UK’s BG and US independent Hess are looking to divest themselves of Algerian upstream assets. The news follows on the heels of Russia’s Novatek’s recent exit from Egypt. For the moment, investors in Libya are holding firm (see p10), but rising political instability in all three key regional producing countries is threatening to spark an exodus.
After failing to agree on commercial terms for development of its Hassi Ba Hamou permit, BG is seeking a buyer for the five block gas prospect, while Hess is in talks with Spanish firm Cepsa (owned by Abu Dhabi’s IPIC investment vehicle) to sell its 45% stake in the Berkine basin Bir el M’sana block. (CONTINUED - 758 WORDS)