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Algeria : Hydrocarbon Bidding Round

06-20-2007
 

Algeria will hold a bidding round for new hydrocarbon exploration blocks by the end of 2007, Algerian Energy Minister Chakib Khelil said.

 Algeria hopes to attract new companies with advanced technology and to help Sonatrach, the North African country's national oil company, diversify internationally.

Sonatrach has the eighth-largest proven natural gas reserves in the world, and provides Europe with about 13 percent of its total natural gas consumption.

Although the licensing round is unlikely to affect the country's short-term production targets, it should provide a key indicator of investor confidence in Algeria.