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    Azerbaijan, Algeria form energy pact

Summary

Algeria is looking to open up its oil and gas sector to greater foreign investment.

by: NGW

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Azerbaijan, Algeria form energy pact

Azerbaijan and Algeria have signed a memorandum to work together in the oil and gas sector, the Azeri energy ministry told local media in Baku on November 29.

The envisaged partnership would cover joint exploration and production of hydrocarbons onshore and offshore, and cooperation in the petrochemicals industry and the marketing, transportation and distribution of energy products. The two sides intend to form a joint working group to progress the partnership.

Algeria is looking to open up its oil and gas sector to greater foreign investment, in the hope of reversing production decline, having introduced more attractive hydrocarbon legislation in late 2019.