ALGIERS, June 7 (Xinhua) -- Algeria's Energy Minister Mustapha Guitouni said on Thursday that the country is amending the energy law that will be ready by January or February in 2019.
The revision is essential because the law is no longer attractive to Algerian and foreign operators and investors, said the minister during a plenary session of the parliament.
Many oil-producing countries have adapted their laws and reformulated them in line with the changes of oil prices, he said.
"It is no longer possible to continue working with an applied law with the oil price per barrel at 140 U.S. dollars, while it is currently 70 dollars right now. We cannot remain frozen like this," said the minister.
The minister pointed out the recent failures of Algeria's oilfield bidding for international operators, considering that the law "lacks attractiveness."
He stressed that "we will not give up our rights on the basis of win-win relationship with foreign partners."
He said the law aims to benefit the country and attract investors to "concern the future of the country."
Algeria's Prime Minister Ahmed Ouyahia said last October that the amendment of the hydrocarbons law is necessary to attract investors.
This step comes with the financial crisis hitting Algeria due to the decline of oil prices in world markets, and the decrease of exchange reserves, which fell from about 200 billion dollars in 2014 to 90 billion dollars currently.
The situation prompted the government to accelerate the process of reviewing the hydrocarbons law in force since 2006.