Oil and gas

October 6, 2015


Algeria's Sonatrach to continue investments aimed at oil, gas sector expansion: CEO

Algeria, which has been among the chief critics of Saudi Arabia's plan to defend OPEC's market share instead of oil prices, now appears to be following its own plan to shore up influence in the global market, remarks this week by the head of Sonatrach indicate.

"Our objectives for medium-term investment over the period 2015-2019 are aimed at reinforcing Algeria's position in international oil and gas markets while continuing to meet the needs of the steadily evolving domestic market," Sonatrach CEO Amine Mazouzi said Monday in Oran.

In his opening speech at a science and technology...

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October 4, 2015


Saipem to Stand Trial On Corruption Charges in Algeria

While Italy's Saipem is working on a restructuring plan to raise more than 3 billion euros ($3.4 billion), a Milan judge ruled that the oil and gas service company should stand trial on charges it bribed official in Algeria to win contracts.

‘Saipem informs that the Judge of the Preliminary Hearing in Milan today upheld the application submitted in February 2015 by the Milan Public Prosecutor’s office for committal for trial against, among others, Saipem SpA and a number of former"......

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October 1, 2015


Seacrest Announces Investment in OKEA AS, a New Norway Focused Development and Production Company

Global investment firm Seacrest Capital Group (“Seacrest”) today announced that they have partnered with OKEA AS, a new oil and gas development and production company that is headquartered in Trondheim, Norway. OKEA will focus on developing discovered oil and gas fields on the Norwegian continental shelf to create a material development and production focussed Norwegian oil and gas company. Seacrest will initially invest up to $200m in OKEA.


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September 30, 2015


Petroceltic makes significant progress in Algeria

Petroceltic International (LON:PCI) said the first half saw it make significant progress in Algeria as it strove to reduce expenditure in a weak oil sector.

Petroceltic is the operator of the Isarene PSC which contains the Ain Tsila development with reserves of 2.1 Tcf of gas and 179 MMbbls of condensate.

Brian O'Cathain, Petroceltic' chief executive, told investors today: "The company has remained focused on"......

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September 21, 2015


Fall in oil prices: Algeria’s resources to drop to nearly $35 billion in 2015

The fall in oil prices in the international market is expected to cause a drop of nearly $35 billion of Algeria’s resources in 2015, said Sunday in Algiers Prime Minister Abdelmalek Sellal.

“The dramatic drop in hydrocarbon prices which is likely to continue has an impact on our country’s resources,” said Sellal in a meeting with the university"...

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September 21, 2015


CSC Finalizes Fruition Partners Acquisition

CSC (NYSE: CSC), a global leader in next-generation IT services and solutions, today announced it has closed the acquisition of Fruition Partners, the leading provider of technology-enabled solutions for the service-management sector and the largest ServiceNow-exclusive service-management consulting firm. The acquisition bolsters CSC’s ability to offer"......

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September 19, 2015


ENI’s super discovery in Egypt lifts Petroceltic's appeal, broker says

ENI’s very large new gas discovery in Egypt looks as though it may extend into Petroceltic’s (LON:PCI) acreage, according to Dublin based broker Davy.

Zohr, ENI’s new discovery, is estimated to contain some 30 trillion cubic feet of gas and as such it is designated as a ‘super discovery’, Davy analyst Job Langbroek highlighted in a note.


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September 13, 2015


SONATRACH to entrust many big projects to Algerian companies

ALGIERS- The national hydrocarbon company SONATRACH will entrust many of its big projects to Algerian companies, said its CEO Amine Mazouzi in an interview with APS.

"We will entrust many of structuring projects to Algerian companies in accordance with provisions governing procurement contracts," said Mazouzi.


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September 6, 2015


Saudi Arabia Loses the Oil War

The oil war has finally reached its tipping point after 13 long months. This struggle between Saudi Arabia, and its much smaller North American adversaries has recently shifted as the application of innovative extraction technologies is now gaining the upper hand.

The fiscal damage to national budgets is reaching a breaking point as surpluses have become deficits. Once stable nations face the possibility of having to drastically slash spending as this war has raged risking social instability.


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