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Monday, November 3, 2014
At the signing of contracts for Algeria’s latest bid round, Enel’s executive VP for upstream gas Maroc Arcelli revealed that his company would be investing around $700 million on its four oil and gas blocks in Algeria.
The company, partnered with Dragon Oil, was awarded two blocks in the last licensing round adding to its two existing blocks. The Enel acreage should see around 11 wells drilled during the first phase of exploration; with the second phase slated for 15 wells.
Said Sahnoun, the interim chief of the state-owned oil and gas firm Sonatrach, said that he was looking forward to seeing “profitable results” from the contracts. “This is the beginning of a new adventure that I hope will be fruitful. This partnership is based on sharing of know-how and risks,” he said.
For those companies that didn’t find any of the acreage offered in the last round to their taste, Algeria is already planning a new licensing round.
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