Algeria Prepares New Bid Round For Mid-2015 Launch

Algeria will launch its next oil and gas bid round by the middle of next year, giving the government time to respond to feedback from international oil companies (IOCs), which overwhelmingly shunned an auction that concluded last month.

Only four out of 31 blocks were awarded in October, a poor result for a bid round that boasted improved terms and was promoted with zeal by state energy regulator Alnaft. IOCs nevertheless remained unimpressed by the acreage and the terms on offer, and the government wants to avoid another disappointment by consulting with companies in the run up to the next auction. (CONTINUED - 307 WORDS)