Gold Mine For Statoil

Norway's state-run oil giant Statoil has to spent NOK 15 billion on securing the rights to large oil and gas reserves in Algeria's Sahara desert, The Norway Post reported.

This has made Algeria one of Statoil's main investment areas in North Africa.

The high price for oil and gas may turn the company's investments in North Africa into a gold mine.

According to Statoil regional director Ottar Rekdal, most of the gas from the Sahara will be transported by a pipeline to Europe.