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Algeria to Hold New O & G Bid Round This Year

Source: Reuters 3/9/2010, Location: Africa

Algeria plans to award new oil and gas contracts to international firms by the end of this year but does not plan to change the fiscal terms, Energy and Mines Minister Chakib Khelil said in an interview.

In Algeria's last licensing round, completed in December last year, only three out of 10 permits on offer were allocated. Several international energy firms had said the financial terms were not attractive enough.

"I have asked to start preparations for the next licensing round. We have a team working on it," Khelil told Reuters in an interview, adding the bid round should be completed by December.

"Of course we are going to take into account the lessons that we have got, as we always did, and coordinate with the companies to see what could be improved to make it more attractive," Khelil said.

"I don't think we will change any fiscal terms. I don't think it's warranted. I think what we can do is offer better prospects to get companies more interested in investing in Algeria."

Khelil said in the forthcoming round Algeria would take a new approach by removing any permits from the bidding if there was insufficient interest.

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