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(adsbygoogle = window.adsbygoogle || []).push({}); UPDATE 1-Algeria's Sonatrach awards well contracts to Schlumberger and NOV - Algeria latest news

Algerian state energy company Sonatrach has awarded U.S. oil service firms Schlumberger and National Oilwell Varco contracts for managing well operations, a Sonatrach document seen by Reuters showed.

Schlumberger was awarded a $25 million contract for technical assistance and NOV won a $45 million contract after being pre-selected in 2015 by Sonatrach's drilling division, the document said.

U.S. service companies Halliburton and Baker Hughes did not get any agreements in this selection, according to the document.

OPEC member Algeria is trying to draw more foreign investors to help bolster oil and gas production. This has stagnated for years because of reliance on mature fields and a lack of investment in new production.

American companies are competing in the estimated $2 billion Algerian energy service market with Chinese companies Sinopec and CNPC whose service affiliates have become more active in the North African country in recent years.

With oil prices down, Algeria's government has suspended some infrastructure projects and cut budget spending, but Sonatrach says it will continue with its ambitious investment plan to increase oil and gas production.

Tag(s) : #Energy

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