Algerian oil minister warns resource nationalism effects

Uchenna Izundu
International Editor

LONDON, May 19 -- Former Algerian oil minister Nordine Al-Laoussine has urged national oil companies and independent oil companies to find new ways of working together as resource nationalism threatens to thwart access to oil and gas areas.

Speaking at Tristone's Energie '08 forum in Paris, Al-Laoussine warned that "governments and international politics often inhibit cooperation. Oil producing countries need to find ways of structuring deals to allow independent oil companies to book reserves without infringing [on] sovereignty."

But he also urged host governments of independent oil companies to take action. "They have to recognize that sanctions and embargos, either unilateral or by UN mandate, may no longer be conducive to the security of future petroleum supply."

He added that the US's behavior in taking unilateral action has caused other nations to lose their respect for the rule of law.

Contact Uchenna Izundu at uchennai@pennwell.com.

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