UPDATE 2-Algeria unveils details Of oil windfall taxReuters #Million_Bpd

UPDATE 2-Algeria unveils details Of oil windfall taxReuters #Million_Bpd

August 22, 2019 0 By NewsTakers

Its publication means that civil servants may now start the task of collecting the money.
The tax is applicable from August 1, 2006, according to the decree published on www.joradp.dz .
In London, a spokesman for Algeria’s biggest foreign investor, Britain’s BP ( BP.L ), declined immediate comment.
Some other companies said their lawyers were studying the text.
The biggest foreign operator in Algeria is U.S. Anadarko Petroleum Corp ( APC.N ).
Other investors include Royal Dutch Shell ( RDSa.L ) BHP Billiton BLT.L, ENI ( ENI.MI ), Hess Corp. ( HES.N ) and Repsol ( REP.MC ).
Analysts have said the legislation might deter some foreign companies from exploring in Algeria, making it more difficult for the country to meet its stated production increase target of two million barrels per day (bpd) by 2010.
Abbas Faisal, Secretary-General of the Energy and Mines Ministry, told Reuters on Saturday the two million bpd target was still in force.
Khelil, who says the move is both fair and politically necessary at a time of high prices, estimates the tax could earn the government $1 billion in 2007 and between $500 million to $600 million in 2006.
Its state oil firm Sonatrach is Africa’s largest company by revenue.

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