Algeria's Sonatrach to sell oil and gas sites

After a deep slide in oil prices, Algeria’s Sonatrach is shifting strategy to offer foreign firms direct negotiations to buy stakes in 20 oil and gas fields in a bid to attract investors and increase output, a source at the state energy company said.

The campaign to bring in energy investment comes at a crucial time for the north African Opec producer as it tackles lower revenues and stagnating production.

Algeria, a key gas supplier to Europe, is also in talks with EU officials on holding a summit in Algiers in May that will discuss energy investment opportunities in Algeria as EU leaders look to diversify from Russian gas.