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Sonatrach terminates Ain Tsila field contract with Sunny Hill Energy 16 April 2021 (Last Updated April 16th, 2021 16:04) Algerian national energy company Sonatrach has seized Sunny Hill Energy’s 38.25% stake in the Ain Tsila gas field in south-east Algeria. Sunny Hill Energy is seeking over $1bn in compensation from Sonatrach. Credit: Anita starzycka / Pixabay. Share Article Algerian national energy company Sonatrach has seized Sunny Hill Energy’s 38.25% stake in the Ain Tsila gas field in south-east Algeria. Sunny Hill Energy, formally Petro...

Ex-Deutsche Bank Trader Moskov Says Algeria Seizes Gas Asset Bloomberg 5 hrs ago (Bloomberg) -- A company controlled by former Deutsche Bank AG trader Angelo Moskov accused Algeria of seizing its stake in a natural gas project and is demanding more than $1 billion in compensation. U.K.-based Sunny Hill Energy has a 38.25% interest in the Ain Tsila gas project through its Petroceltic Ain Tsila subsidiary. Sonatrach, Algeria’s state energy firm, has terminated that contractual interest without offering compensation, Sunny Hill said in a statement Thursday. Sunny Hill has invested hundreds ...

By Reuters Staff (Adds details, background) ALGIERS, April 15 (Reuters) - Algerian state oil company Sonatrach said on Thursday it had terminated a 2004 contract with Petroceltic PLC, which was later bought by Sunny Hill Energy, for exploration and production in the Ain Tsila gas field. Sonatrach, which has faced years of declining energy output, said in an emailed statement that the termination was in accordance with the contract, and that it had taken the step after Petroceltic failed to comply with contractual obligations. Algeria is trying to encourage investment in its energy sector by i...