Gazprom Discovers Algerian Gas; Eyes Nigerian Assets

OAO Gazprom, Russia’s state-owned natural gas export monopoly, made its first commercial African gas discovery in Algeria, a move that could enable it to expand gas sales into Spain and Portugal.

Algeria “is extremely important” as it could enable Gazprom to expand to the only remaining areas of Europe where it’s not present, Boris Ivanov, head of the company’s global exploration and production unit Gazprom EP International B.V. said in an interview at the Africa Upstream conference in Cape Town today. Gazprom controls about 30 percent of Europe’s gas supplies and has the world’s largest gas reserves.