Petroleum Africa
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Thursday, April 13, 2017
Algeria is again considering changing its hydrocarbon laws in order to attract more investments and boost production, according to a statement from Energy Minister Nourredine Bouterfa.
The country requires new investment in exploration to maintain and boost oil and gas production in the long-term.
“We have engaged a dialogue with oil firms to shed light on their understanding of our laws, including their apprehensions with regard to taxes and to bring the necessary corrections so we can boost the development of our partnership and make our country more attractive,” Bouterfa said in a statement to EU officials in Brussels.
The North African country changed its energy laws and taxes more than a decade ago, which led to a significant drop in investment. The country’s legal framework and taxes has deterred oil and gas companies from participating in licensing rounds held since the law was changed.
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