Eni, Eon, BG and Gaz Prom win Algeria exploration rights

Eni, Eon Rhurghaz, BG and Gaz Prom won rights to serach ofr oil and natural gas in Algeria. Djilali Takhrist president of the licensing commission announced today in a ceremony the winning companies in the first bidding round organized under the new hydrocarbon law adopted in Algeria. 

• The Al Naft agency offered 16 blocks for exploration. Only 4 blocks received bids. The other blocks will be re-offered next year said the Algerian oil minister Chakib Khelil who presided over the ceremony.
• Oil and gas companies were reluctant to take part in the competition as among 50 which participated in the previous phases including site visits and data collecting, only 9 were in the final phase and submitted their bids.
• This is partly ascribed to the financial situation which affected the world economy as put by Djilali Takhrist, president of the licensing ceremony. He also says investors are expected to watch the new bidding system set up by Al Naft.