Russia is seeking to diversify its presence on global energy markets and has long been considering the expansion of its participation in oil and gas development projects in Central Asia and North Africa, including Libya and Algeria.
"The cooperation in the energy sphere not only meets the interests of Russia and Algeria, but will also ensure the stability of energy markets and will strengthen global energy security," Viktor Khristenko said during his current visit to the North African state.
The Russian minister said a consortium of Russian companies Rosneft [RTS: ROSN] and Stroytransgaz and Algeria's Sonatrach state oil and gas corporation is currently developing a large 245-South oil field in Algeria with the Russian investment estimated at $4-5 billion.
Cooperation between the long-time partners has been expanding since Russian President Vladimir Putin visited Algeria in March 2006, when about 15 Russian-Algerian contracts were signed, including on cooperation in tapping hydrocarbon reserves.
Algeria's proven natural gas reserves total 4.55 trillion cubic meters, the second largest reserves in Africa after Nigeria. It is also the continent's third largest oil producer after Nigeria and Libya, with 111.02 billion bbl in proven reserves.
