March 28, 2018 / 5:37 PM / a month ago

Four oil majors interested in Algeria offshore drilling: state agency

ALGIERS (Reuters) - Oil majors Anadarko, Total, ENI and Statoil have expressed interest in helping Algeria start offshore drilling, according to state news agency APS which quoted the CEO of the North African country’s state energy firm Sonatrach.

FILE PHOTO: Abdelmoumen Ould Kaddour, Chief Executive of Algerian state energy firm Sonatrach, checks equipment during the launch of new gas pipeline from southwestern fields, Algeria, February 8, 2018. REUTERS/Lamine Chikhi/File Photo

“They are interested in joining Sonatrach to develop offshore drilling activity in Algeria,” CEO Abdelmoumen Ould Kaddour said.

Sonatrach has launched seismic studies near the coastal cities of Oran and Bejaia to evaluate the hydrocarbon potential and setting up offshore drilling plans, he added.

Slideshow (2 Images)

OPEC member Algeria has been struggling to attract foreign energy investment because of tough terms and bureaucracy.

But, in a bid to improve the investment climate, the government has been drafting amendments to the energy law to introduce more incentives for investors.

Reporting by Hamid Ould Kaddour; Editing by Ulf Laessing and Elaine Hardcastle

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