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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.
Sonatrach terminates Petroceltic court, faces legal action
Sonatrach has pulled the plug on the Isarene permit, held by Petroceltic International.
The signing of the EPC contract with Petrofac in 2019
Source: Sunny Hill Energy
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Sonatrach has pulled the plug on the Isarene permit, held by Petroceltic International.
The Algerian company accused Petroceltic of failing to meet its contractual obligations. The UK-based company has rejected the claims.
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.
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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 Petroceltic International, held a contractual interest in the asset through its wholly owned subsidiary Petroceltic Ain Tsila.
Sonatrach terminated the contract without offering any compensation saying Petroceltic failed to fulfil the contractual obligations.
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