ALGIERS—Algeria has made an important gas discovery in the southwest province of Tindouf, Energy Minister Mohamed Arkab said on May 27, which could help the country boost exports and maintain its market share abroad.
Algeria is a major gas supplier to Europe but rising domestic consumption and a failure to increase production in recent years have threatened its export volumes.
"This field has positive indications. It has the capacity to produce some 275 cubic meters of gas and nearly 300 liters of condensate per hour," Arkab told state news agency APS as he visited the new field.
"The discovery of gas, for the fist time in this province, represents an important phase for the economy." He did not say when the field might start production.
Arkab said state energy firm Sonatrach would make further evaluations of the field's capacity.
Algeria, which produces about 135 billion cubic meters of gas a year, has started to renew supply contracts with European clients as current contracts are due to expire by the end of this year or in early 2020.
Algeria's economy relies heavily on gas and crude oil, and the government has drafted a new energy law offering incentives to investors in a bid to attract foreign firms.
Many foreign investors have stayed away in the past years, citing unattractive contract terms and bureaucracy.
An undisclosed buyer acquired BBT Alabama LLC, owner and operator of a fee-based, natural gas gathering system connecting production in Alabama to regional long-haul pipelines, says Houston-based Black Bear Transmission.
Unbridled Resources LLC retained EnergyNet for the sale of Delaware Basin non-producing leasehold in New Mexico’s Eddy County through an auction closing March 17.
Arrowhead Energy Partners retained BOK Financial Securities for the sale of certain mineral interests within the D-J Basin, Williston Basin and Haynesville Shale in Colorado, North Dakota, Texas and Louisiana.