Algeria Awards 2 Out of 10 Blocks

LONDON (Dow Jones Newswires), March 17, 2011

Algeria awarded two oil and gas exploration blocks to Sonatrach and Cepsa out of ten it had offered in a tender, state media said.

The results are a disappointment for the North African country, after two previous licensing rounds also failed to attract a large number of bids.

Algerie Presse Service said the National Agency for the Valorization of Hydrocarbon Resources had granted one block to Spain's Cepsa and another to Algeria's state oil company Sonatrach.

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