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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 progressing well and there are only three texts still under preparation, Arkab said.
Some 70 texts in total had to be adopted for the new law to be fully implemented, which has taken much longer than originally planned.
Contrat Petroceltic/Sonatrach : résiliation légitime mais
lequotidien-oran.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lequotidien-oran.com Daily Mail and Mail on Sunday newspapers.
Contrat Petroceltic/Sonatrach : résiliation légitime mais
lequotidien-oran.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lequotidien-oran.com Daily Mail and Mail on Sunday newspapers.
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 values well in excess of $1 billion.
Algeria: Sonatrach seizes Ain Tsila gas field asset from Sunny Hill Energy ans faces over USD 1 billion claim
19 Apr 2021
Petroceltic Ain Tsila in the
Ain Tsila gas field in southeast Algeria.
Sunny Hill Energy has invested hundreds of US$ 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 values well in excess of US$1 billion.
Angelo Moskov, the Chairman of Sunny Hill Energy said,