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Miserly terms and difficult operating conditions have kept international oil companies from committing to Algerian acreage.
Algeria has concluded another disappointing oil and gas bid round that will do little to stem declining production or tap the country’s huge shale potential.
State energy regulator Alnaft on 30 September announced that only four out of a possible 31 blocks were awarded to international oil companies. Only five bids were placed, even after the submission deadline had been pushed back to allow Alnaft to react to international oil company (IOC) objections to the contractual terms. None of the 15 permits considered to have shale potential were bid for. (CONTINUED - 1599 WORDS)
DATA INSIDE THIS ARTICLE
|table||Algeria: Blocks Awarded In 2014 Bid Round*|