Gulf Oil and Gas accountACCOUNT

Algeria Invites Gazprom, Lukoil to Jointly Develop Oil & Gas

Source: Algeria Times 2/19/2014, Location: Africa

Share |
Algeria, with Africa’s second biggest gas reserves, has asked Russia’s Gazprom and Lukoil to tender for the joint development and exploration of some of the 30 fields that make up a fifth of the country, says Gazprom International.

Both Russian oil and gas majors signed an agreement to cooperate with Algerian state-owned Sonatrach in August 2006, but so far no joint projects have been agreed, Vedomosti newspaper said.

Sonatrach is the largest Algerian and African company and the 11th largest oil consortium in the world. It has a huge potential in terms of oil and gas reserves, a representative from Gazprom International told the newspaper.

Algeria has Africa’s second biggest gas reserves behind Nigeria, and are estimated at 4.2 trillion cubic meters.

Valery Nesterov from Sberbank CIB says the discovered reserves have remained unchanged for the past decade, while domestic consumption is growing. This has eaten into Algerian exports to the rest of the world, with supplies to Europe falling 18.5 percent in 2013 to 37.9 billion cubic metres.

So, to meet its export obligations, Algeria needs investment in exploration and an increase in its resource base and extraction, Aleksey Grivach, deputy director at Russia’s National Energy Security Fund explained. Sonatrach currently holds a monopoly in gas exports, so Gazprom may just bid for some service contracts, he added.

Algeria needs bigger extraction volumes not just to increase its exports to Europe but also to have more supplies of liquefied natural gas (LNG) available for Asia, which could become a point of cooperation with Gazprom, Grivach said.

Also, cooperation with Algeria’s Sonatrach would give Gazprom information about Algeria’s resource base and the potential for export growth, he added. On top of that, it’s important for Gazprom to keep an eye on Sonatrach, its main African rival, Nesterov said.

For more information about related Opportunities and Key Players visit Algeria Oil and Gas Projects

Development News in Algeria >>

Iran >>  8/13/2018 - A senior official at the National Iranian Oil Company (NIOC) said no changes had been made in the terms of Irans multi-billion-dollar agreement with a...
Iran >>  8/8/2018 - The National Iranian South Oil Company (NISOC) has signed a heads of agreement with MAPNA Group for the development of Parsi and Paranj oilfields in t...

Mexico >>  8/1/2018 - Eni announces that Mexico’s National Hydrocarbon Commission (Comision Nacional de Hidrocarburos, CNH) approved the Development Plan (PoD) for the disc...
Iraq >>  7/31/2018 - Iraq will develop its Mansuriyah gas field near the Iranian border using state-run firms after the “delay and failure” of international companies to r...

Trinidad and Tobago >>  7/25/2018 - BP Trinidad and Tobago’s long-term plan could potentially see the company investing as much as $8 billion dollars in T&T, in 9 new developments in the...
Brazil >>  7/20/2018 - Petrobras, as the operator, on behalf of the consortium of Entorno de Sapinhoa, reports that it submitted the declarations of commerciality to the Nat...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Algeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

Oil & Gas Projects in Algeria >>

More News

 

Oil & Gas Companies in Algeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.