Sonatrach CEO Toufik Hakkar confirmed that UK major BP is quitting Algeria’s upstream during a company presentation on 29 June. BP’s Algeria assets consist of a 45.9% stake in the In Amenas wet gas project as well as a 33.15% stake in the In Salah dry gas project.

“BP is going to leave and there is a partner [of Sonatrach] who will replace it,” Mr Hakkar said according to Algerian media which suggested that he was referring to Eni. More bullish than others on Algeria’s upstream, the Italian firm was already reported to be in talks with BP to take over the assets (MEES, 4 June). (CONTINUED - 605 WORDS)