Petroleum Africa
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Monday, October 12, 2015
Algeria’s planned licensing round has been postponed due to the drop in crude prices the market has seen over the past year. It has been reported that the North African country, whose revenues have been dropping along with the price of crude, will re-launch the round once the market recovers.
“This is not the right period to launch it,” an official told Reuters on the sidelines of an oil conference in Oran. “Many major international oil companies have dropped investment plans because of the fall in prices.”
The licensing round was expected to test the waters on the country’s latest revamp of its oil and gas legislation. Since its original revamp of its hydrocarbon laws in 2006, Algeria has been having a hard time bringing in new investment. Over the past almost decade the government has made a tweak here and there to the laws but it has not translated in a significant return of interest in investing in the nation.
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