Algeria Moves Bid Date To Early 2007 - Africa’s premier report on the oil, gas and energy landscape.

Algeria Moves Bid Date To Early 2007

Algeria has moved its next bid round date to early 2007. Plans are to offer 10 packages of open blocks. The 7th Bid Round announcement was originally planned for October2005, but has been affected by the lengthy, drawn out reform in the responsible ministry. Plans were delayed in order to establish two new agencies under the Ministry of Energy and Mines, one of which is to conduct the bid rounds. Then again the Ministry was bogged down with the passage in 2005 and the revision in 2006 of the Hydrocarbons Law, whichintroduced a windfall profits tax, among other things. As an African opportunity, Algeria is facing competition for exploration investments from Libya, Nigeria and Angola. It has plans to increase crude oil production to 1.5 MMBOPD in the short term and to 2.0 MMBOPD by 2010 from the current 1.4 MMBOPD. In this regard, the country must replace crude oil reserves by attracting FDI (foreign direct investment) most of which is made by FOCs (foreign oil companies).

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