ALGIERS- Minister of State, Minister of Energy, Mines and Renewable Energy, Mohamed Arkab, said  that the success of the international call for tenders for the exploration and exploitation of hydrocarbons in Algeria (Algeria Bid Round 2024), whose preliminary results were announced Tuesday in Algiers, demonstrates the attractiveness of the business climate in the sector, thanks to the structural reforms it has undergone.

In a speech delivered at the opening ceremony, Arkab said that "the positive results of this call for tenders testify to the strong Algerian legislative framework and confirm the attractiveness of the business climate in the hydrocarbons sector."

This call for tenders represents "the deep structural reforms undertaken by the State, in accordance with the instructions of President of the Republic, Abdelmadjid Tebboune, notably through Law 19-13 governing hydrocarbon activities and Law 22-18 relating to investment, which have established a stimulating and attractive legal and institutional framework for investment in Algeria, based on transparency and competitiveness," he added.

He further called on operators in the hydrocarbons sector to seize the exceptional investment opportunities offered in Algeria, which, he said, aim to contribute to strengthening Algeria's position as a "reliable supplier for international markets."

The six sites proposed in this call for tenders have a "promising" geological potential and "developed" infrastructures, making them real opportunities for "smart and profitable" energy investment, added Arkab.

The Minister of State also announced that contracts related to hydrocarbons in the awarded sites "will be concluded with the Sonatrach group in the coming days, in accordance with the procedures specified in the Algeria Bid Round 2024 guideline."