Algeria to amend energy law before year-end - Sonatrach source

SINOPEC Engineering Co

03/10/2017 17:10

By Lamine Chikhi 
    ALGIERS, Oct 3 (Reuters) - Algeria plans to amend its energy 
law before the end of the year as the OPEC producer tries to 
attract more foreign companies, a senior source at state energy 
firm Sonatrach told Reuters.  
    Algeria, a major gas supplier to Europe, wants to boost oil 
and gas revenues which were hit by a fall in global prices. 
    But oil companies have mostly stayed away, saying the legal 
framework is too tough, the bureaucracy stifling and terms leave 
little profit even in times of high oil prices. 
    The new law is expected to facilitate foreign oil and gas 
exploration including untapped shale production and provide more 
tax incentives, the Sonatrach source said. 
     
 
 (Reporting by Lamine Chikhi; Editing by Ulf Laessing and 
Alexander Smith) 
 ((lamine.chikhi@thomsonreuters.com;)) 
 
Keywords: ALGERIA ENERGY/LAW