Algeria Hopes to Have Energy Law Ready by 2019 - Sonatrach CEO

Posted by Michelle Howard
Tuesday, October 16, 2018

Algeria wants to have a new energy law ready by the first half of 2019 and might use Mexico's legislation as inspiration, the CEO of state energy firm Sonatrach said on Tuesday.

The North African OPEC member has been preparing changes to its hydrocarbon law in a bid to attract foreign investors that have stayed away in recent years, citing bureaucracy and tough terms.

"A good model of an energy law is Mexico's as it allowed them to attract $300 billion in investment ... definitely this is a good model and I will be very happy to have such a law," Abdelmoumen Ould Kaddour said during a visit to the Hassi Rmel gas field.

"We will be ready by the first half of 2019," he added, without giving further details of what exactly he liked about the Mexican legislation.

Sonatrach has hired consultancies, including U.S. law firm Curtis Mallet-Prevost, Colt & Mosle LLP, to help amend the law.

Since his appointment in March 2017, Kaddour has convinced international firms that were reluctant to invest in Algeria to re-engage with the North African country after he resolved legal disputes with them.

Algeria currently produces more than 1 million bpd of oil and 135 billion cubic metres of gas per year, with growing volumes going to meet domestic demand, which has hit exports.

Reporting by Lamine Chikhi Writing by Ulf Laessing

Categories: Legal Africa Shale Oil & Gas

Related Stories

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Seatrium Secures ABS Backing for Deepwater FPSO Design

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com