The 31 blocks on offer in Algeria’s recently-launched bid round are attracting interest from international oil companies (IOCs) even as doubts persist over the attached conditions.
Algeria’s new bid round was launched last month after careful preparation aimed at preventing a repeat of the poor results of previous rounds. A new hydrocarbon law offers improved terms for unconventional production. Algiers is keen to attract foreign firms to stem falling oil and gas production: crude output fell 250,000 b/d to 1.1mn b/d over the past five years. (CONTINUED - 1125 WORDS)