London — Algeria launched an oil and gas licensing round as it looks to boost output and attract investors amid the global energy crunch sparked by the war in the Middle East.
The government said prospect sites are estimated to contain hundreds of millions of barrels of crude and vast amounts of natural gas, both of which Algeria’s hydrocarbons minister said “will help strengthen global energy security.”
The tender comes just as Big Oil looks for new projects “far away from the perils of the war in the Middle East,” The Wall Street Journal reported: Exxon recently presented a $24 billion plan for deep-water crude production in Nigeria, while TotalEnergies signed an exploration deal with Türkiye.
*Jeronimo Gonzalez
This article was originally posted at sweetcrudereports.com
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