IPEC to explore and produce oil in Algeria
The International Petroleum Investments Company (IPEC) considers investing in oil exploration and production in Algeria through an understanding memorandum on oil and gas-related joint investment.
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According to Emirati media reports, the memorandum which was signed in Abu Dhabi with Wintershall provides for oil and gas exploration and production projects in the United Arab Emirates, Oman, Algeria, Kazakhstan, Iraq and other countries.
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IPEC which has subsidies in the Arab Gulf countries, North Africa and Caspian Sea is working on reinforcing its position through partnership with exploration and production big oil corporations.
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Wintershall, the largest German oil company has an annual production of more than 100 oil barrels. It works within safety and world environment preservation and it has been working in energy in many places including Europe, North Africa, South America, Russia and Caspian Sea for more than 75 years.