• 3 hours LNG Glut To Continue Into 2020s, IEA Says
  • 5 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 9 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 11 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 12 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls

Breaking News:

LNG Glut To Continue Into 2020s, IEA Says

Cars Are The Future Of Energy Storage

Cars Are The Future Of Energy Storage

Car builder Renault has just…

Controversial Azeri Pipeline Receives $500M Funding

Controversial Azeri Pipeline Receives $500M Funding

The European Bank of Reconstruction…

Sonatrach Aims To Reform Algiers Energy Laws

Algeria

Algerian oil and gas laws need an upgrade if it is to attract foreign investors, according to the North African country’s government petroleum company, Sonatrach.

Sonatrach CEO Abdelmoumen Ould Kaddour told reporters that the current legal framework needs updating and strengthening for it to be a suitable competitive international energy environment.

“We are talking to the government to make it more attractive for investment, I understand that taxes, and exploration legal framework, need to be changed,” he said.

Italian Eni and French Total are in advanced stages of talks with Algiers to take over large projects in several fields of operation, including optimization, petrochemicals, and solar energy development.

President Abdelaziz Bouteflika established nationalist policies to keep oil profits close to Algiers. In turn, the capital used the money to hire the populace for public works projects and national mineral and fossil fuel companies. These efforts were based on an aged legal framework that does not represent the realities of today’s oil markets.

In 2016, Algiers furthered talks with the European Union for renewed gas infrastructure investment, which would potentially give the continent an alternative to Russian gas supplies. But investing in Algeria is a tricky game. Bureaucratic delays and security concerns are red flags for bigwigs in the oil and gas sector.

In order to capture the interest of companies most reluctant to work in Algeria, the country has begun to enter bilateral negotiations, instead of putting out tenders for bidding regarding major projects.

Related: Oil Price Volatility Is Set To Return

“I want a strategy for Sonatrach, it never had a strategy before. I will publish shortly what I called Sonatrach 2030, a plan that will show the way for the next decade,” the Sonatrach chief said.

Much of the ongoing policy efforts in Algeria have been the brainchildren of Bouteflika’s closest advisors, who have taken over the leadership role for the president since he suffered a stroke a few years ago. 

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News