North Africa Oil &Gas Summit promote sustainable business

The attendees of the North Africa Oil and Gas Summit on 6-8 November 2012 in Vienna, Austria will develop a clear understanding of the available blocks, evolving fiscal and legal frameworks, and contractual terms from strategy leaders of Algeria, Libya, Morocco, Egypt, Tunisia and Mauritania.

The aforementioned countries are experiencing a significant influx of investment to develop their oil and gas sectors. The Offshore Hydrocarbons Report by IFP Energies Nouvelles reports that Africa will receive US$70 billion investments in the period of 2011- 2015.

There are several opportunities to take advantage of in Algeria. Dr. Youcef Yousfi, Minister of Energy and Mines, Algeria, recently announced the US$12.39 billion investment in five new refineries, which once completed will raise Algeria’s current oil refining capacity from 26 million tonnes to 30 million tonnes.

In addition, according to Mr. Abdelhamid Zerguine, CEO of Sonatrach, hydrocarbon reserves are evaluated at 4 billion tonnes of oil equivalent, making Algeria one of the prime locations in North Africa to invest in.

BP states that Libya holds the highest oil reserves of Africa with 46.4 billion barrels. Moreover, Libya has 1.5 trillion cubic metres of gas reserves but there has been no exploration for this feedstock in the past according to the Libya Special Report published by Newsbase in April 2012.