The Abu Dhabi Government-owned International Petroleum Investment Company (Ipic) has emerged as the sole foreign winner of an Algerian oil and gas licence in that country's latest bidding round, through its nearly completed takeover of the Spanish petroleum company Cepsa.
Last week Cepsa won a contract in the Rhourde Rouni area of eastern Algeria's Berkine basin in the Sahara, in which Russia's Gazprom last year discovered oil and gas.
The Rhourde Rouni contract was the only one in the licensing round to attract multiple bids, according to Al Naft, the Algerian national hydrocarbon resources agency. Cepsa beat rival offers from Oman's Petrogas and the Malaysian state-owned Petronas to find and develop oil and gas resources in the licence area.
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