Petroleum Africa
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Monday, January 20, 2014
Plans for Algeria’s newest licensing round are in the works according to the country’s Minister of Energy Youcef Yousfi. The North African country’s new oil and gas bidding round will be the first since it revised its hydrocarbon laws.
“This will not take place in the first six months of the year, but within the coming weeks,” the minister told state radio.
The new energy law includes tax incentives for foreign companies, and other benefits for those willing to invest in unconventional energy resource exploration, such as shale oil and gas contracts. Investors in unconventional resources will be given up to 11 years for exploration and exploitation licenses of 40 years for shale gas and 30 years for shale oil.
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