Petroleum Africa
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Tuesday, August 26, 2014
The licensing round Algeria launched at the beginning of the year has been delayed once again. The government originally had it set to close in August but was pushed back to the first week of September; now Algeria has set the new date for the closure at September 30.
Algeria is hoping that this licensing round will prove to draw more investment than the last as it has changed its petroleum law, improving revenue sharing for companies that invest in difficult blocks, such as the country’s sizable natural-gas shale resources.
One main concern for bidders is a clause that allows national oil company Sonatrach to make investment decisions without consulting its foreign partners, a Wall Street Journal report said. However, an Algerian official said the delay was due to the need to handle “numerous applications” for the licensing round.
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