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Gulf Keystone's exit from Algerian gas project approved

Gas

The exit of Gulf Keystone Petroleum from the Hassi Ba Hamou gas project has been approved by Algerias council of ministers which will allow BG Group and state-owned Sonatrach to increase their stake in the project.

In February 2010, an agreement was reached between Gulf Keystone and BG for the transfer of Gulf Keystone's 38.25 per cent interest in the Hassi Ba Hamou permit to its partners, but the agreement was delayed as it awaited approval from Sonatrach and the Algerian government.

Stake increased

According to a statement from the council of ministers, BG now holds 65 per cent in the Hassi Ba Hamou project, up from 36.75 per cent. Sonatrach, which previously held a 25 per cent stake, now has 35 per cent.

In June 2008, BG together with Sonatrach and Gulf Keystone made a gas discovery at Hassi Ba Hamou, and said they would discuss how to move to phase 2 of the project.

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