British BP Returns to Algeria for Exploration After 2021 Exit

 The Algerian National Agency for the Development of Hydrocarbon Resources (Alnaft) has granted British oil and gas company BP a permit to conduct exploration work in the country's eastern basin, the APS news agency reported, citing an Alnaft communiqué. The British corporation is returning to the Algerian market after its exit in 2021.

"As part of its strategy to strengthen the attractiveness of the national mining space and promote new exploration opportunities, Alnaft announces the granting of an exploration permit to BP, one of the leading players in the global energy industry," the statement read.

The regulator emphasized that BP's return is a "signal of confidence" in the country's resource potential. The permit covers the eastern basin, where a resource assessment is planned.

BP had operated in Algeria for more than 30 years and in 2021 announced its intention to leave the country as part of a strategy to transition to new energy sources. In 2023, the company completed its exit by selling its assets, including stakes in the In Amenas and In Salah gas fields, to Italy's Eni. During the operational period of these projects, production reached approximately 11 billion cubic meters of gas per year.

Earlier in April, BP agreed to acquire a 60% stake in three exploration blocks offshore Namibia from Canadian Eco Atlantic Oil & Gas and, following approval of the deal by the country's authorities, will become their operator.