Patch Opens Office in Algeria
|Tuesday, December 07, 2004
Patch International has opened an office in Algiers to position itself to capitalize on energy projects in that country. At the same time, the company said it had engaged the services of Algerian businessman, Mohamed Hamidani, to manage day-to-day operations on its behalf. Mr. Hamidani is a former official with the Algerian government and has extensive experience in the oil and gas sector.
"The decision to open an office in Algiers is a significant step forward in our on-going activities in Algeria where we are working closely with the Algerian Ministry of Energy and Mines to undertake various energy projects," said David Stadnyk, president of Patch. "Mr. Hamidani's appointment will help us to expedite decisions since he has a wealth of expertise in the Algerian energy industry."
Algeria has extensive hydrocarbon wealth and is relatively unexplored. Its oil reserves are estimated at 14.4 billion barrels and its gas reserves are approximately 146 trillion cubic feet.
Patch is also in negotiations with neighboring Libya to develop oil and gas projects in that country which has some 36-billion barrels of oil reserves and 47 trillion cubic feet of natural gas reserves.
Officials of Patch and their North African partner, First Petroleum Inc., a private corporation, returned from a series of successful meetings with Algerian and Libyan officials last month.