"We are delighted and encouraged to get this agreement so quickly. Thanks to Mr. Mancin, who has significant expertise in dealing with the government in Algeria and other North African countries, everything was fast-tracked for us," said Mr. Stadnyk. "Essentially, this means we will be able to begin activities much sooner than we had first thought."
Patch will now be considering various projects for tender under the direction of the Ministry of Energy and Mines. The Ministry administers the wealth of natural resources in Algeria and directs the national companies such as Sonatrach that partner with foreign Companies to develop the resources.
Currently, Algeria's oil reserves are estimated at 15.4 billion bbl (barrels) and its gas reserves at approximately 146.5 TCF (trillion cubic feet).
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