BP to spend $2bn on Algerian investments
Official from supermajor says money to be spent on current projects
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A senior official from British supermajor BP has said that the company plans to invest US$2 billion on oil and gas projects in the North African state of Algeria between now and 2014.
Akli Brihi, head of BP Algeria, told Reuters that the money will be spent on three different projects: an industrial scale carbon capture venture at In Salah, the drilling of three exploration wells at a gas field as well as maintaining production at the In Salah and In Amenas gas fields BP operates in a joint venture with Sonatrach and StatoilHydro.
"BP is still committed to invest in Algeria and just in our existing projects, we plan to invest $2 billion over the next five years," Brihi is quoted by Reuters as saying.
Brihi also said that BP could bid for some of the exploration blocks that Algeria will shortly be inviting bids for.