A delegation of Gazprom EP International met in Algeria with the managers and specialists from the National Agency for the Development of Hydrocarbon Resources (ALNAFT) to discuss a recent law regulating hydrocarbon activities. Managers from Gazprom’s representative office in Algeria also attended the meeting.
As the main speaker, President of ALNAFT Arezki Hocini highlighted that Hydrocarbon Law No. 19-13, which had entered into force in December 2019, seeks to raise the profile of the country’s petroleum industry as an investment destination. The new law paves the way for more types of petroleum contracts shaping the environment of subsoil use in Algeria and enables amendments to previously signed contracts. It also adds transparency to the tax regime by allowing for the application — in certain circumstances specified by law — of tax benefits and simplifies the guidelines on foreign currency control.
The meeting addressed a wide array of items associated with the application of the new law, focusing on the benefits for international investors. According to Mr. Hocini, Gazprom was the first to meet with the Agency. ALNAFT sees the importance of not only presenting the new law but also discussing its prospective application with foreign companies investing in the oil and gas sector.
Additionally, Mr. Hocini highlighted that ALNAFT intends this year to announce a new tender to award licenses for the exploration and development of oil and gas fields in the national territory as provided by the new law.