Algeria, June 9, 2018

1

Algeria Sees Energy Law Amendments In Early 2019

Long-awaited amendments to Algeria’s energy law are expected to be finalized by early next year, Energy Minister Mustapha Guitouni said on June 7.

The North African OPEC member nation has been preparing changes to its hydrocarbon law in a bid to attract foreign investors that have stayed away in recent years, citing bureaucracy and tough terms.

State energy firm Sonatrach’s CEO said earlier this week Algeria has hired consultancies, including U.S. law firm Curtis Mallet-Prevost, Colt&Mosle LLP to help amend the law.

“The amended hydrocarbon law will be ready by January or February 2019,” Guitouni said on state radio.

The law is closely watched by foreign energy firms since the first amendment plans were announced in 2017.

Guitouni has previously said amendments would include 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.

Algeria awarded just four of 31 oil and gas field blocks on offer to foreign consortiums in 2014. In 2011, it received bids for only two fields out of 10.

epmag



Forex News Headline



Forex Market Video