Algeria launches a round of oil and gas licenses to boost production

Algeria, a?OPEC gas-rich member, announced on Sunday that it had launched a?oil & gas licensing round for 2026, offering'seven exploration /blocks? in a bid to?increase output and attract foreign investments, according to the government.

At a ceremony in Algiers, representatives from international energy?companies attended the announcement of the bidding round.

The blocks offered are located in Ouargla, Illizi and Touggourt, and include a mixture of 'oil and gas prospects, which officials estimate to contain hundreds of millions of barrels?of oil and a?significant volume of 'natural gas.

Data sessions and clarifications will run until October 31. The technical phase begins on June 1 with the access of tender documents and online presentations.

The deadline for bids is November 26, and contracts to purchase hydrocarbons from Algerian state-owned?energy company Sonatrach will be signed in January, under either production-sharing agreements or participation agreements.

Algeria is working hard to maintain its position on the global energy market and strengthen its upstream sector.

The new round of 'bidding' will help to?strengthen the global energy security? and reinforce Algeria as a regional hub for energy, said Hydrocarbons minister Mohamed Arkab. (Reporting and editing by David Goodman, Tarek amara)

(source: Reuters)