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Petrofac secured a contract worth around $1bn to provide engineering, procurement and construction services for the Ain Tsila Development Project.
Elections on June 12 in Algeria are unlikely to give the reassurance needed to oil companies, which have signed a slew of MoUs.
Algeria rearranges the deckchairs while the ship sinks The country’s latest spat with a foreign investor is likely to be just as self-defeating as previous disputes State-owned Sonatrach took the decision in April to revoke UK independent Sunny Hill Energy’s interest in the highly prospective Ain Tsila gas field on the grounds that Angelo Moskov—who controversially took over Irish producer Petroceltic in 2015 and changed its name to Sunny Hill—is more interested in a speculative investment than a long-term commitment to Algeria. The issue of compensation will now be decided in the arb...
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The new hydrocarbons law -- first announced in late 2019 but as yet unimplemented -- is considered essential for restoring the attractiveness of Algeria's upstream sector, offering improved fiscal terms for investors. Energy minister Mohamed Arkab, who regained his post in February after eight months away, told Algerian radio on April 26 that 95% of the implementing texts had now been published. "The development of the texts for the application of the law on hydrocarbons is progr...
Sonatrach, Algeria’s national energy company, has terminated the contractual interest held by the U.K. company Sunny Hill Energy through its wholly owned subsidiary Petroceltic Ain Tsila in the Ain Tsila gas field in southeast Algeria. Sunny Hill Energy has invested hundreds of $ millions in the project. Sonatrach has offered no compensation in relation to their seizure of the interest. Sunny Hill Energy disputes the validity of the contract termination and, having taken legal advice, intends to pursue all legal recourse to compensate it for the loss of its interest which Sunny Hill Energy ...