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Monday, April 29, 2013
Two firms are looking to sell off their interests in certain assets in Algeria but what is not clear is if this is a result of the attack and hostage situation at the In Amenas gas plant that took place earlier this year, or just a realignment of assets for the two companies.
US independent Hess Corp. holds stakes in two blocks in Algeria; the Bir el Msana field and the Gassi El Agreb complex. The company plans on selling its stake in the Bir el Msana field to Spanish firm Cepsa. In a Reuters report a source was quoted as saying the sale was due to the acreage’s poor return potential.
Hess will focus on its production at the Gassi El Agreb complex, where it has a 49% stake through a JV with Sonatrach. The fields produce around 35,000 to 40,000 bpd.
According to the report Hess could spend over $1 billion in the producing block but is looking to negotiate better terms. “It’s not unreasonable to assume that (Hess) wants better terms,” a source told Reuters.
There is also a rumor that BG is looking to sell off its stake in the Hassi Ba Hamou Permit (HBH), The company’s license for the HBH expired last year and while BG attempted to get an extension for the license, negotiations have stalled.
“For the last 12-18 months there has been no one present on the ground,” a BG spokesman was quoted as saying in the Reuters report. “We do have a permit and are in discussions with the Algerians.”
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