UK major BP is “close to selling” its stakes in two gas projects in Algeria to Italy’s Eni, according to an 11 March Reuters report – something that has been on the cards for many months (MEES, 2 July).

A deal would see BP exit Algeria, while Eni would further solidify its crown as Algeria’s top foreign producer. The stakes relate to a 45.9% stake in the In Amenas wet gas project which grossed 525mn cfd and 33,000 b/d of liquids in 2021 – and a 33.15% stake in the In Salah dry gas project which grossed 571mn cfd (MEES, 11 February). Together, they netted BP 126mn cfd and 13,000 b/d of liquids in 2021. Norway’s Equinor holds equal stakes at both projects, with the remainder held by state firm Sonatrach. (CONTINUED - 200 WORDS)