Petroleum Africa
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Thursday, January 12, 2017
Russian firm Rosneft is looking to sell off its holdings in Algeria. According to a report in Russian media outlet Sputnik, the asset the company is looking to offload is South Block 245, which contains the West and East Takuazet oil fields and the North Tesselit gas condensate field.
Rosneft cannot simply leave Algeria or it will be obligated to pay high fees and forfeits, so it is forced to find a buyer. It has tried to sell its share to follow Russian firm Gazprom but the company was not interested in the purchase. The Sputnik report said Rosneft will now try to sell the block to Algerian state-run firm Sonatrach.
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