World news
Alregia is intended to change the legislation on prospecting to mobilize foreign investments to the drilling
Alregia is intended to change the legislation on prospecting to mobilize foreign investments to the drilling.
There are some amedments to the legislation planned to be done to motivate foreign companies to invest in Algeria prospecting. “There should new incentives be prepared before the exigency of new technologies has occured and the price for oil has decreased to $20-30” – Alregian Department of Energy Minister Yousef Yousfi says.
The government is discussing the new tax incentives along with the changes to existings agreements of governmental Sonatrach with foreign partners.
Algeria is a member of OPEC.
The proven oil stock - more than 9 billion barr. Ooil production – 1.4 mln barr/day. Alregia exports 1.2 mln barr/day.
Canadian company will invest $7,26 in ukrainian natural gas fields
Another gas producing company may appear in Ukraine. On Friday 3P International Energy Corp. announced that it will attract $7,3 mln in private placing to develop assets in Western Ukaine. According to experts, prices for gas on the internal market rise so rapidly that investors willingly nest their money into gas production.
On Friday 3P International Energy Corp. informed on attraction of $7,26 mln in private placing on Toronto Stock Exchange. Funds are attracted to increase gas producing on existing and development of new gas filds in Ukraine. In September 3P bought Tisagaz for $17, This company owns licences for development of fouer gas fields: Russko-Komarovka, Stanovaya, Korolyovka and Uzhdogorod exploration block.
Now there are two wells working on Russko-Komarovka field. According to data of Ministry of Fuel and Energy of Ukraine, Tisagaz produced 3,36 mln cubic metres of gas during 2010. The estimations of 3P say that the production can be inceased to 150 млн cuibic metres per year.
Investers willingly nest their money in gas production in Ukraine because its prices on the internal market constantly rise, the IK Dragon Capital analytic Denis Sakva says. “Only this year the price for gas has risen more than for 48%”. If in the I quarter NAK Naftogaz Ukraine was selling gas for 2,282 thousand UAH for 1000 cubic metres, in the IV quater — for 3,38 thousand UAH. According to Mr. Sakva, small private gas producers (including 3P) usually connect their prices to Naftogaz.