BP to invest $2.7 billion in Algerian oil ventures
British Petroleum (BP) plans to invest $2.7 billion in Algeria in the next three years to fund the development of its two natural gas projects. The company now operates two natural gas developments in the country and one oil site in partnership with local firm, Sonatrach.
BP recently planted its flag in Algeria as part of its global expansion into the production and distribution of natural gas. Its two gas developments in the North African state are located in In Salah and In Amenas, and the oil site in Rhourde El Baguel.
Algeria has proven natural gas reserves of 160 trillion cubic feet (tcf), third largest in the world, and estimates that reserves exceed 204 tcf. It is second largest exporter to Europe after Russia and geographically located on the doorstep of the southern end of the continent, enjoying an extensive distribution network including two natural gas pipelines under the Mediterranean Sea into Spain and Italy.
Two additional pipelines are under active project review, one from Algeria directly into southern Spain and the other through Sardinia into northern Italy. Moreover, Algeria intends on expanding its natural gas production by 40 percent by the end of the decade along with a substantial increase in oil production.
BP will attend Algeria’s Third Strategic Conference and the 5èmes Journées Scientifique & Technique (JST5) talks as part of the country’s annual Oil and Gas Exhibition (ALOGE) held Dec 14 – Dec 18. The Conference will be led by the Ministry of Energy and Mines and will provide the strategic forum for senior industry figures, national and international to announce and discuss new regulations, investment opportunities and developments within the Oil and Gas sector.
JST5 of Sonatrach will enable the international and national executives of the energy sector and the scientific community to discuss the latest developments and the challenges linked to technology, nurturing human resources, protecting the environment and globalization. — (menareport.com)
© 2002 Mena Report (www.menareport.com)