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TEP's CEO Meets with Algerian Minister of Energy, Noureddine Bouterfa to Discuss Geothermal Development
FOR IMMEDIATE RELEASE
Houston, December 17, 2016
During the first Algerian-American energy forum, Algerian Minister of Energy, Noureddine Bouterfa, accompanied by a strong delegation of senior officials, hosted American energy companies in order to encourage further investment in Algeria. In his speech, the Minister of Energy said that energy investments by American companies in Algeria have declined significantly in recent years, falling to $100M in 2015, after previously reaching $600M in 2010. While recalling the government's determination to establish a diversified and wealth-creating economy, Minister Bouterfa stressed that Algeria has an important energy potential consisting of conventional and non-conventional hydrocarbon reserves, and renewable resources.
Minister Bouterfa cited a 2013 agreement between the Sonelgaz Group and General Electric for the construction of an industrial complex for the manufacture of gas turbines, steam turbines and generators. This investment of $200M is currently under way. Within the framework of the national energy policy, the Algerian government wishes to attract US investors to intensify exploration and development efforts, to increase refining capacity and revitalize the petrochemical industry. While Algeria aspires to increase its refining capacity with to revitalize petrochemicals, the involvement of American companies in the national plan for the development of renewable energies and energy efficiency is also strongly desired.
The Algerian government estimated these projects would require an overall investment of approximately $100B over the next four years and key partnerships with American companies is needed, said Minister Bouterfa. To reassure the leaders of US companies, Minister Boutarfa announced a revision of the hydrocarbons law and the introduction of fiscal incentives.
The forum saw the presence of major oil companies such as Exxon-Mobil, Anadarko, BP-Amoco, Schlumberger, Hess and Halliburton.
Companies that specialize in geological development and sustainability also met with the Minister of Energy, among them, CEO Bruce Cutright of Thermal Energy Partners and Dupont President, John Chrosnick.
Mr. Cutright gave the Ministry team an overview of how TEP uses existing information, particularly from the oil and gas industry, that can be analyzed through a proprietary algorithmic approach to accurately identify promising geothermal potential. Cutright explained that TEP had already identified areas with good potential and the Ministry of Energy team expressed an interest to share more data that might be useful in assessing resources more thouroghly. Cutright also explained how the costs for geothermal compare with solar, wind and fossil fuels and that by using geothermal in such a way to replace fossil fuels. "Algeria could increase quantities of petroleum to be sold on the world market and thereby benefiting the balance of trade”, said Bruce Cutright, CEO of Thermal Energy Partners.
For Further Information:
Thermal Energy Partners
Media Relations
James Jackson
T (210)-497-3715
Email: jjackson@thermalep.com
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TEP CEO, Bruce Cutright meets with Minister Bouterfa to discuss ways for Algeria to further develop geothermal resources.