Key governmental officials have called for changes to Algeria’s energy regulations to bolster investment, Xinhua reports.
The Prime Minister, Ahmed Ouyahia, said that revising Algeria’s hydrocarbon law is necessary to garner foreign investment in the industry, the Chinese news agency reports.
Last month, the CEO of Sonatrach, the state-run oil company, called for increased natural gas production and the regulatory reform of the industry, according to Reuters.
Other governmental officials have echoed his call. Energy Minister Mustapha Guitouni affirmed that the government plans to amend its hydrocarbons law.
“The amendment of this law would attract more foreign investments, especially in the field of exploration and exploitation of hydrocarbons,” Guitouni told the media, according to Xinhua.
Due to insufficient investments, Algeria’s natural gas exports have been declining over the years, UPI reports.
Earlier this year, the European Union announced its willingness to provide $42.7 million to assist Algeria reform its energy sector, UPI reports.
Algeria has the tenth largest natural gas reserves in the world, according to UPI, and is the third largest natural gas exporter to the European market. It is looking to increase its natural gas production in order to offset lower oil revenues caused by the current oil prices, Reuters reported last month.