Oil investment in Algeria not affected by financial crisis

Algeria’s oil company Sonatrach will not review its investment following the financial crisis, CEO said.

•  “Sonatrach is not planning to reduce investment under the financial crisis,” Mohamed Meziane told reporters Sunday on the sidelines of Algeria Energy Week. Meziane also assterted no foreign partner decuded to review invesment projects in Algeria.
• The financial crisis characterised by a slump in oil price has raised questions about the commercial feasibility of oil and gas projects.
• Earlier in August, Algerian Energy Minister Chakib Khelil said his country’s oil sector was planning to invest $45.5 billion between 2008 and 2012. Some $35.8 billion will be Sonatrach and $9.7 billion from foreign partners.
• Meziane also said Algeria’s Gassi Touil gas field project would be delivered on time in 2011.
• Sonatrach takes exclusive control of Gassi Touil project after it terminated an agreement with Spain’s Repsol and Gas Natural in 2007.