Petroleum Africa
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Monday, June 11, 2018
Algeria is expected to finalize amendments to its hydrocarbon law by early 2019, according to the country’s Minister of Energy and Mining, Mustapha Guitouni. The amendments are hoped to attract new investment into the North African country.
“The amended hydrocarbon law will be ready by January or February 2019,” Guitouni said on state radio.
State energy firm Sonatrach’s CEO said previously that Algeria had hired consultants, to help amend the law.
The law is closely watched by foreign energy firms as it is expected to contain tax incentives and the alleviation of administrative procedures to improve the attractiveness of the oil and gas sector after previous failed attempts to bring in enough foreign investors, affecting output and exports.
“The amendments will be followed with projects,” Guitouni said in apparent reference to new licensing rounds.
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