Gazprom Announced Hydrocarbon Development Tender Winner in Algeria

Source: www.gulfoilandgas.com 12/15/2008, Location: Africa

On December 13 Gazprom was announced the winner of the hydrocarbon exploration and development tender for the onshore area El Assel located in the Berkine Basin of the People's Democratic Republic of Algeria.

The first open national and international tender for the hydrocarbon exploration and development was held by the National Agency for the Valorisation of Hydrocarbons Resources (ALNAFT). A total of 16 licensed areas were offered in the tender and more than 50 companies wished to participate.

Gazprom is planning to invest some USD 120 mln in the geological exploration as part of the project (2,500 km2 of 3D seismic data and drilling of four exploratory wells). Pursuant to provisional estimates the recoverable oil reserves in the El Assel area average 30 mln t.


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