By: AGBI

Algeria will launch a bidding round for foreign oil companies on April 19 for the development of seven new blocks, despite energy market upheavals caused by the Iran war.

The National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), a subsidiary of the energy ministry, said the round represents a structural step in implementing the country’s oil strategy.

“The international bid round is an open mechanism that allows oil companies to submit their bids for exploration blocks within a framework which is clear, fair, and incentive-based for investment,” it said in a statement carried by the state news agency.

The gas-rich Opec member awarded contracts to five groups from Qatar and other countries in June as part of a bid round launched in late 2024 under Algeria’s plan to reverse a decline in its oil reserves and production.

ALNAFT said details of the new round would be unveiled soon, adding that Algeria is moving forward to “unlock new potential, strengthen strategic partnerships, and shape the future of energy development”.