Algeria lines up energy deals with US, Saudi firms as clock ticks on gas export ambitions
Algeria has launched a rare licensing round for oil and gas projects as it chases new interest in its upstream sector.
Algeria launched its first licensing round for new oil and gas projects in over a decade Oct. 14 as it seeks to remain a key supplier to Europe by exploiting new energy sources.
The long-awaited development arrives as the OPEC member chases new interest in its upstream sector. On Oct. 15, Algeria's state energy company Sonatrach agreed to expand cooperation with US firm Occidental involving a hydrocarbon contract in Algeria’s eastern Berkine Basin. A day later came news Algeria was talking with 12 international companies to invest in local oil projects, notably including Saudi Arabia.
Algeria has struck a slew of pacts with international oil companies in the past year, including with Exxon and Chevron in 2024, potentially paving the way for the American supermajors to produce Algerian gas for the first time and exploit shale gas reserves.
The key to this dealmaking is Algeria's 2019 hydrocarbons law, which helped reignite interest among foreign players wary of red tape, regulations and other obstacles.
