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Algeria has further pushed back the deadlines for a much-heralded bid round, after oil companies baulked at contractual terms that hand key investment decisions to the government.
Bids for the 31 blocks on offer now have to be submitted by 30 September, almost a month after the previous deadline on 4 September, according to a government email sent to international oil companies (IOCs) on 19 August. Contracts are set to be awarded on 29 October, a reschedule from the earlier 2 October date.
“We are challenging some clauses in the contract. There are some clauses in the contract that are difficult to accept for an IOC,” said an oil company executive involved in the bidding process. (CONTINUED - 902 WORDS)