Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Anadarko, Maersk settle tax row with Algerian govt

    Anadarko, Maersk settle tax row with Algerian govt

    March 9, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    09 March 2012, Sweetcrude, ALGIERS – US oil firm, Anadarko Petroleum, and Denmark’s Maersk Oil say they have settled a long-standing tax dispute with the Algerian government.

    The dispute arose from a tax imposed by the Algerian government in 2006 on the two companies’ shares from oil production, which the duo, partners with Italy’s Eni and state-owned Sonatrach on several Algerian blocks, challenged as a breach of their production sharing contracts (PSC). They, therefore, asked for compensation as a result of complying with the tax.

    The companies said, Friday, that following the resolution of the dispute, they have been awarded additional oil volumes from the country’s oil production.

    Under the settlement with Sonatrach announced on Friday, Anadarko will gain crude supplies worth $1.8 billion over the next 12 months while its PSC with Algeria will be amended to give it a discount on produced oil worth about $2.6 billion over the life of the contract.

    On the otherhand, Maersk, would receive $920 million worth of oil output while its PSC terms will also be improved to increase its share of oil production.

    Speaking on the development, Maersk chief executive officer, Jakob Thomasen, said: “This settlement is significant for us and our Algerian business.”

    He added that as a result of the deal, his company has a solid basis for moving ahead with our Algerian activities together with our partners.

    The settlement, based on reciprocal concessions, is subject to approval by the Algerian authorities, which is expected by the summer.

    Related News

    Seplat Energy earns CIPS Procurement Excellence Standard Certificate 

    IEA says it stands ready to tap emergency oil stocks, OPEC sees no need

    US EPA proposes higher biofuel blending volumes through 2027

    E-book
    Resilience Exhibition

    Latest News

    FG reiterates commitment to port automation

    June 14, 2025

    Seplat Energy earns CIPS Procurement Excellence Standard Certificate 

    June 14, 2025

    Meta signs deal for advanced geothermal power in New Mexico

    June 14, 2025

    IEA says it stands ready to tap emergency oil stocks, OPEC sees no need

    June 14, 2025

    China solar industry to address overcapacity challenge but turnaround far off, experts say

    June 14, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.