October 3, 2017 / 4:11 PM / in 18 days

Algeria to amend energy law before year-end - Sonatrach source

ALGIERS, Oct 3 (Reuters) - Algeria plans to amend its energy law before the end of the year as the OPEC producer tries to attract more foreign companies, a senior source at state energy firm Sonatrach told Reuters.

Algeria, a major gas supplier to Europe, wants to boost oil and gas revenues which were hit by a fall in global prices.

But oil companies have mostly stayed away, saying the legal framework is too tough, the bureaucracy stifling and terms leave little profit even in times of high oil prices.

The new law is expected to facilitate foreign oil and gas exploration including untapped shale production and provide more tax incentives, the Sonatrach source said.

Reporting by Lamine Chikhi; Editing by Ulf Laessing and Alexander Smith

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