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Foreign investment in Algeria’s upstream has dried up due to the miserable terms on offer – only four of 31 blocks were awarded in the most recent bid round in 2014. A follow-up round has been repeatedly delayed: probably best to save the country’s blushes given that there is no sign of improved terms.
And the potential for the country to invest its own cash has dried up with the collapse in oil and gas prices: hydrocarbon export earnings account for well over 90% of the total, and these are down by almost two-thirds since 2014 (MEES, 24 June).
Sonatrach recently cut its five-year plan for oil and gas investment to $73bn for 2016-20, down from $90bn for 2015-19, which in itself was down from its $100bn 2014-18 plans (MEES, 27 May).
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