NOIA Weighs in on The COASTAL Act
National Ocean Industries Association (NOIA) Vice President for Government and Political Affairs Tim Charters issued the following statement after the introduction of the Conservation of America’s Shoreline Terrain and Aquatic Life (COASTAL) Act:“It is vital that American offshore energy production promote equity for the states immediately adjacent to these offshore areas.
Algeria Plans Fuel Price, Tax Hike to Offset Fall in Energy Revenues
Algeria plans to raise prices of subsidised gasoline and diesel for a third straight year in 2018 to cut domestic consumption and imports at a time of growing pressure on state finances, according to an official document seen by Reuters. The government also plans to raise taxes and introduce new levies on local and imported…
Sonatrach to Boost Output from Rhourde El Baguel Field
Algeria's state-run energy firm Sonatrach will boost gas output by 10 million cubic metres per day at its giant Hassi Messaoud field and will then increase output by 6 mcm a day at nearby Rhourde el Baguel oil field, its chief executive said. Sonatrach CEO Abdelmoumen Ould Kaddour, on a visit to the field, said Algeria…
Oil Slips as OPEC Prepares to Extend Output Cuts
Oil prices fell on Thursday as OPEC prepared to extend limits to production by nine months to March 2018 in an attempt to drain a glut that has depressed markets for almost three years. The cuts are likely to be shared again by a dozen oil exporters outside OPEC led by top producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January.
OPEC Nearing Deal to Extend Output Cut to March 2018
OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in…
Sonatrach CEO Urges Simplifying Business, Focus On Output
The new chief of Algeria's state energy company Sonatrach has urged employees to simplify bureaucracy, and focus on the core business of production as the North African state deals with lower oil prices, an internal company letter shows. The message from new CEO Abdelmoumen Ould Kadour was sent to Sonatrach employees just…
Algeria Jan-May Trade Deficit Up 35.5%
OPEC member Algeria's trade deficit reached $9.8 billion in the first five months of 2016, a 35.5 percent rise from the same period a year earlier, due to a decline in energy earnings after the oil price slide, official data showed on Monday. Oil and gas exports, which accounted for 93 percent of Algeria's total exports…
Papua New Guinea Bullish on LNG Potential
A new wave of investments in Papua New Guinea’s energy sector could see some $19 billion of projects launched in the coming years, boosting the country’s liquefied natural gas (LNG) output and providing employment to thousands. France's Total S.A. is progressing work on the Papua LNG Project in Petroleum Retention License (PRL) 15…
Algeria to Reduce Imports As Oil Price Drop Bites
Algeria has decided to reduce its imports by 15 percent in 2016 to save foreign currency reserves as the crash of oil prices has put the OPEC state under financial pressure, according to a letter to banks from the prime minister. The North African state, which relies on oil and gas for 60 percent of its budget, has already cut public spending…
ex-Soviet Producers: No Cooperation with OPEC
Russia to defend its market share from Saudi oil; Kazakhstan, Azerbaijan face falling output. Ex-Soviet oil producers, led by Russia, are not bowing to pressure to reduce output in order to lift global prices, leaving little chance of a deal when OPEC experts meet with producers outside the group on Wednesday. The ex-Soviet…
Algeria's Sonatrach Looks to Restructure
Algeria's state energy firm Sonatrach has begun a restructuring aimed at saving money and coping with the dramatic slide in global oil prices, an internal document seen by Reuters shows. The measure is the latest attempt by the Algerian energy giant to help the North African OPEC state manage a sharp fall in its energy…
Bolivia Plans Fund to Lure Oil, Gas Investments
Bolivia plans a multi-billion dollar fund to lure new investment in oil and gas exploration in the Andean country which depends heavily on energy revenues to finance its budget, two local newspapers reported on Friday, citing the energy minister. Natural gas accounts for roughly half of Bolivia's total exports, but reserves have shrunk due to under-investment and a lack of new finds…
Algeria Walks Economic Tightrope as Oil Falls
For months, Algerian officials repeated their mantra that large foreign exchange reserves would shield the country from collapsing oil prices. Last week, Prime Minister Abdelmalek Sellal took to state television to announce what most already knew - that crisis was at the door. With crude prices having more than halved since June…
Putin: Current Oil Price No Tragedy for Russia's Budget
Russian President Vladimir Putin said on Friday that the current low price of oil was not a tragedy for Russia's budget, which is highly dependent on energy revenues, and that he believed it would see an upward correction. Speaking at a briefing after talks with Ukrainian President Petro Poroshenko in Milan, Putin said oil at a level of $80 per barrel is not profitable for producers.
