Rosneft to Start Producing Oil in Algeria by 2011

Russian oil major OAO Rosneft (ROSN.RS) will start working on two fields in Algeria this year with a view to extracting oil there by 2011, Prime-Tass news agency reported Tuesday.

It cited Russian Industry and Energy Minister Viktor Khristenko as saying that oil production would reach 3.5 million metric tons or more a year.

Earlier this month, Rosneft and engineering construction company Stroytransgaz confirmed commercial reserves at two oil fields and two gas fields in Algeria.

Separately, Khristenko said gas monopoly OAO Gazprom (GAZP.RS) is in talks over a possible asset swap and joint gas production and transportation with Algeria's Sonatrach.

Copyright (c) 2008 Dow Jones & Company, Inc.

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