Algeria’s state-owned energy company, Sonatrach, is considering forming joint ventures with trading companies to market its natural gas, Platts reports.

Speaking in London, the CEO of Sonatrach, Abdelmoumen Ould Kaddour, announced the shift in strategy away from long-term, price-indexed contracts.

“It’s no longer oil indexation or long-term contracts,” he said, according to Platts.

Noting that Sonatrach is looking to announce its plans by the end of the year, Ould Kaddour said that “[w]e’re trying to find new ways of exporting our gas and looking at having joint ventures with traders and taking risks together.”

The shift in strategy, he said, is caused by changing market conditions, especially in Europe, according to Platts.

Faced with budget deficits caused by lower oil revenues, Algeria is considering a shake-up of its energy sector.

It has taken steps to increase its production of natural gas, most notably at the Hassi Massaoud and Rhoude El Baguel oilfields.

Government officials have also announced that they plan to revamp the nation’s energy laws next year in order to foster foreign investment in Algeria’s considerable energy reserves.