The Algerian government is planning to maintain current clauses in the energy law that limit foreign stakes in oil and gas projects, Asharq Al-Awsat reported.
An official statement has reportedly emphasized the intention of keeping the 51/49 rule unchanged. After months of speculations, this was the first time for the Algerian government to comment about the planned amendments to the energy law.
Algeria is a member of the Organization of Petroleum Exporting Countries (OPEC) and produces about 1.06 million barrels per day (b/d) of crude oil.
The North African country has reduced its crude production by around 24,000 to 25,000 starting from the beginning of the year, in line with the OPEC+ output cuts.