Energy Ministry to put up the 5th International Tender for oil exploration by the end of November

Energy Ministry prepared all the actions and measures, in anticipation of putting up the 5th International Tender by the end of the month of November, amid indexes and economic circumstances that suggest the reluctance of international companies to invest in Algeria, led by the collapse of oil in the current period, as it reaches the lowest prices over the past years, and the specter of the failure of the 4th tender that was unable to attract the attention of international companies and was very disappointing.

Source from the Energy Ministry told Echorouk, on Wednesday, that the date of November 25, was identified to put up the 5^th international tender for exploration and exploitation of hydrocarbons, and which will take place in Algiers Djenan El Mithak, as the regions that are expected to be chosen by Energy Ministry to attract international companies, including some of the sites that were offered in the previous tender, in addition to other new fields, as part of the government’s efforts to increase exploration and drilling for oil and gas operations, in order to raise the Algeria’s energy production’s capacity.

Same source said that the government decided to proceed with the project to put up the tender in front of the companies that are wishing to engage in international tenders, after the tide that lasted for months, as a result of changing the map of energy due to the collapse of oil prices in recent years.

“Despite the concerns about the reluctance of international companies to invest in Algeria, and fears over the failure of the tender, but putting up a new tender is an inevitable adventure”, on the grounds that the government does not have many solutions to curb the decline in hard currency revenues, and restoring the index of profits in the coming years if oil prices will remain unchanged.