Oil revenues down, Algeria woos energy investors

23 Mar 2016   Algeria

After a deep slide in oil prices, Algeria’s Sonatrach is shifting strategy to offer foreign firms direct negotiations to buy stakes in 20 oil and gas fields in a bid to attract investors and increase output, a source at the state energy company said. The campaign to bring in energy investment comes at a crucial time for the North African OPEC producer as it tackles lower revenues and stagnating production. Algeria, a key gas supplier to Europe, is also in talks with European Union officials on holding a summit in Algiers in May that will discuss energy investment opportunities in Algeria as EU leaders look to diversify from Russian gas. The switch to bilateral deals follows two energy bidding tenders that failed to attract much interest. A bid scheduled for […]

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