January 22, 2013

Energy Industry Doesn't Understand Algeria Attack

Jen Alic, OilPrice.com


AP Photo

The attack on BP-operated Amenas gas facilities in the Algerian Sahara was a spectacular lesson for the energy industry: No amount of high-tech security is invulnerable to Sahelian militants.

Billions will now be spent on securing Western energy interests across the region and investment will take a hit at a time when the big news was that the industry’s junior players—particularly American and Canadian—were growing ever so bold and willing to take risks in unstable regions. Their markets may not be able to sustain this bravery much longer.

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TAGGED: Algeria