Algeria intends to issue new tenders for oil and gas exploration in 2024 as part of plans to attract foreign capital and expand its hydrocarbon industry, an official has said.

The new projects to be awarded to foreign investors are based on the 2019 investment law, which includes “attractive” incentives in oil and gas production and exploration, said Amir Ali, Director of the Legal Studies Division at the Algerian Oil Ministry.

He told the Algerian news agency on Wednesday that this law has produced six major investment agreements with foreign firms.

“The Ministry is also working on national tenders for hydrocarbon exploration and production…a committee has been formed to prepare the projects which will be included in these tenders,” he added.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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