Patch Inks Deal with Algerian Energy Ministry
|Wednesday, December 08, 2004
Patch International has received a letter agreement to partner with the Algerian Ministry of Energy and Mines. The agreement follows recent meetings last month in Algeria with various government officials by the president of Patch International, David Stadnyk, and the president of First Petroleum Consulting, Mr. Danilo Mancin. First Petroleum is a wholly-owned subsidiary of Patch's North African operations.
"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).