Algeria Drums Up Interest Ahead Of Bid Round

Algeria is preparing a bid round for early 2014. A global roadshow concluded last month shows Algiers is intent on improving the appeal of its hydrocarbon sector to international oil companies.

State oil company Sonatrach and upstream regulator Alnaft took to the road for the first time in the run up to its upcoming bid round. After an event in Houston, they tried to drum up investor interest in London before ending their tour in Kuala Lumpur late last month.

The increased efforts by Algerian energy officials result from the disappointing haul from previous rounds, and an exponential growth in the country’s reserve estimates after shale gas became a viable resource in recent years. The message conveyed to the international oil companies (IOCs) attending the roadshow was analogue to those realizations. (CONTINUED - 684 WORDS)