Major U.S. independent to invest $450 million in Algerian oil sector
The United States second largest, independent oil and gas producer, Burlington Resources Inc , has announced its intention to invest some $450 million in the Algerian oil sector over the coming five years.
The investment will made in developing Block 405 in the southeastern Hassi Berkine area. Initial development of the block will cost about $150 million and production is to start toward the end of 2002.
Burlington has been operating in Algeria since 1993 and has already invested $300 million. To date, it developed 24 wells in the country and made 21 discoveries.
Last year, Burlington received the approval of the Algerian government to exploit hydrocarbon fields in the Menzel Lejmat North area. Construction of that site will start before the end of the year. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)