BP eyes big Algeria spend

ANTHEA PITT

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By Wire reports

 03 August 2009 14:29 GMT

BP plans to invest $2 billion over the next five years in the oil and gas projects it operates in Algeria if it gets favourable terms from the government.



The investments will include drilling three new exploration wells at a promising gas field, maintaining production at two large gas fields that BP jointly operates, and the world's first industrial scale project to capture and store the carbon dioxide released from gas production.

"BP is still committed to invest in Algeria and just in our existing projects, we plan to invest $2 billion over the next five years," BP Algeria boss Akli Brihi told Reuters in an interview.

BP says its investments in the north African country in the past 12…

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