(Oil Price) – Algeria is set to soon announce a new oil and gas licensing round in which major international firms, including ExxonMobil and Chevron, are expected to take part. The OPEC member’s national development hydrocarbon agency, ALNAFT, will announce a new licensing round, looking to attract foreign investment and operators in its oil and gas sector, Algerian Energy Minister Mohamed
Oil Price U.S. supermajor Chevron has increased efforts to reach an energy exploration agreement with Algeria and is assessing the North African country’s estimated huge shale gas resources, The Wall Street Journal reported on Monday, quoting sources with knowledge of the plans. Other energy majors, including Eni and TotalEnergies, see Algeria and North Africa as sources to replace Russian natural gas
Reuters LONDON – The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday. “Algeria, Iraq and Nigeria will be among the first casualties of a slow-motion wave of political instability that will engulf an array of oil producing countries over the next 3-20
Reuters DUBAI/LONDON/MOSCOW – OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, Algeria’s minister said on Monday. Algerian Energy Minister Abdelmadjid Attar, holder of OPEC’s rotating presidency, was speaking shortly before OPEC
Reuters LONDON – OPEC member Algeria on Tuesday came out in support of deferring a planned increase in OPEC+ oil output from January, a day after Russia’s energy minister raised the possibility with the country’s oil companies. Algeria, which holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), supports a possible extension of OPEC+ supply cuts for
From The Wall Street Journal A contentious political transition in Algeria is creating uncertainty around a number of foreign investment deals in Africa’s largest natural gas-producing country. In recent weeks, Exxon Mobil Corp. has held off on signing a preliminary deal with Algeria’s state-run Sonatrach, and companies including BP PLC and Norway’s Equinor have expressed concern about how Algeria’s political turmoil might affect oil and
From Bloomberg We may have to add Algeria to the growing list of OPEC countries whose oil production is suffering involuntary declines, expanding the so-called “Fragile Five” to a “Shaky Six” if protests in the North African country start to disrupt the flow of oil. Five OPEC countries — Angola, Iran, Libya, Nigeria and Venezuela — are already experiencing unplanned
From Bloomberg Arab Spring-style protests have rocked Europe’s third-biggest natural gas supplier. Thousands of young Algerians have taken to the streets, fed up with an octogenarian president who’s been in power for 20 years and a weak economy that doesn’t generate enough jobs. While the rare public display of dissatisfaction has sparked a political crisis in the authoritarian state, the
70% of Algeria’s investment program over the next three years targeted at upstream activities Algeria’s national oil and gas company, Sonatrach, plans to spend $64 billion, or 70% of its total investment program from 2015 to 2018, in upstream activities to reverse the decline in crude oil and natural gas production in Algeria, according to a release from the Energy
Algeria cuts spending to offset falling oil prices Algeria’s oil minister, Youcef Yousfi, on Sunday called on OPEC to cut production in order to raise oil prices and defend smaller producers in the cartel. The country is struggling to deal with oil prices losing nearly half their value in the last six months as other OPEC members keep production levels
Algeria’s government owned energy company, Sonatrach, has announced plans to start producing gas from six new gas fields, with initial plans to drill four shale gas wells in 2014 in the basins of Ahnet (south of In Salah) and Illizi, according to an Algeria Press Service report. “Sonatrach aims to renew oil and gas reserves of the country by mobilizing
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