The new oil price level is an opportunity for oil and gas producers in North Africa to adjust their business models and rethink future strategies, according to panelists at the North Africa Petroleum Exhibition and Conference (NAPEC 2017) in Algeria.
The conference highlighted the role of technology as a game-changer in terms of increasing efficiency and reshaping the industry as well as regional investment opportunities and incentives offered by the local government to woo international oil and gas companies to develop hydrocarbon reserves.
“We are working on making foreign investments in the oil and gas industry in Algeria attractive again, and currently we are working on preparing the next bid round,” Sid-Ali Betata, head of Algeria’s National Agency for the Development of Hydrocarbon Resources (Al-Naft), said during his keynote speech March 23 at NAPEC.
“We are looking for a win-win partnership and we are ready to make this a reality,” said Betata, who was fired early this week along with Sonatrach CEO Amine Mazouzi, who was replaced by Abdelmoumen Ould Kaddour.
Ahmed Fettouhi, vice president of downstream activities at Sonatrach, highlighted the E&P progress the state-owned company has made over the last few years. Among the company’s accomplishments was achieving a record level of oil production in October 2016 at 200 tonnes of oil equivalent (toe).