Algeria on Sunday launched a fresh call for international bids for hydrocarbon concessions, seeking to boost energy investment as global markets reel from the war in the Middle East.

Oil and gas prices have soared since the US-Israeli war on Iran broke out, with the closure of the Strait of Hormuz and damage to Gulf energy infrastructure disrupting supplies.

Dubbed the “Algeria Bid 2026”, the tender covers seven areas, including strategic basins in the south and southeast.

Six blocks are offered under production-sharing agreements with state firm Sonatrach, while the seventh is a participation contract where Sonatrach will hold at least 51%.

Bids are due by November 26, with results expected at the end of January.

Hydrocarbons minister Mohamed Arkab said the tender aims to reinforce the sector’s attractiveness and consolidate Algeria’s place as a reliable energy investment destination.

The country plans to invest $50-60 billion to double gas production to 200 billion cubic meters by 2030.

Already Africa’s largest gas exporter, Algeria became a key supplier to the European Union after Russian imports halted in 2022.

Algeria derives more than 90% of its foreign currency earnings from hydrocarbons and is in talks with Chevron and ExxonMobil on offshore fields and shale gas.