Algeria changed its laws to attract foreign investment, which has declined in recent years, continues to expand cooperation with Russian companies. Last month the country has already signed the second Memorandum with Russian companies. Now the state’s Sonatrach agreed to work with LUKOIL, for which foreign projects are virtually the only opportunity to expand the resource base.The Algerian national oil company Sonatrach signed a Memorandum of understanding with LUKOIL, under which the parties plan to negotiate a possible joint investment in exploration and production in Algeria. As reported by Sonatrach, the document also stipulates the prospects for companies in exploration and production in the world. In mid-April, the Algerian company signed a similar MOU with Zarubezhneft. Long-time partners are Sonatrach Gazprom, which the national company has been conducting exploration at the site El-Assel oil and gas in the basin of Berkin, “Gazprom Neft” and “Rosneft”, which in 2001 together with the “Stroytransgaz” has won the tender for exploration of hydrocarbons in Algeria.The last six months, Algeria, the level of production is about 1.3 million barrels a day, actively encourages foreign companies to work in its hydrocarbon sector. At the end of 2019, the country changed the law to facilitate investors access to its resources, as in recent years, due to bureaucratic obstacles, the volume of investments in this sector decreased.The company called its strategic regions of West Africa and the Gulf of Mexico. The head of LUKOIL Vagit Alekperov said in January it was noted that the company is considering any promising foreign projects. Now the group’s main assets are concentrated in Ghana, Cameroon, Republic of the Congo and Nigeria. Exploration in Mexico, LUKOIL leads in 2015 when I got there the right to develop a number of units, including offshore.Olga Marusenkov of LUKOIL Vagit Alekperov about the new taxes and foreign projectarchitect next
