Algeria sets new oil bids for August, winning contracts in Sept

ALGIERS: Algeria will open bidding from foreign energy firms interested in its new oil and gas round on August 6, and winning companies will sign contracts on Sept. 5, the energy ministry said.

The negotiations will be the first bidding under a new oil law passed in January last year, with 31 fields on offer. OPEC member Algeria hopes it can help reverse declining output after previous bids failed to bring in foreign investors.

"The competition perimeters are located in different Algerian oil sedimentary basins that have high potential in oil resources," the ministry said in a statement on its website.