Algeria is set to finalise long-anticipated energy law by early 2019, according to Mustapha Guitouni, energy minister of Algeria
As reported by Reuters, the North African nation is aiming to change its hydrocarbon law to attract international companies to invest in the country’s oil and gas sector.
Algeria’s state-run oil and gas company Sonatrach said that Algeria is hiring global consultancies such as the US law firm Curtis Mallet-Prevost, Colt&Mosle LLP to help amend the energy law.
Global energy companies are closely watching the implementation of this energy law, in an environment where Algeria has gained momentum in oil and gas exploration activities in the region.
The amendments are expected to include tax incentives and the alleviation of administrative procedures to improve the attractiveness of the oil and gas sector to the foreign investors, said the source.
Currently, Algeria produces more than one million bpd of oil and 135bn cu/m of gas each year. With new project on the streamline, the country aims to increase domestic production to meet the demand and to ramp up export to the international marketplaces.
