August 30, 2016
Algeria’s energy group Sonatrach change its strategy in international arbitration case against Italy’s Saipem. It asked for considerable compensation of more than 322 million euros.
This comes in response to Italians’ request for more than 1.7 billion euros compensation.
According to a financial report, Sonatrach asked Saipem to pay it 35 million"...Continue Reading >
August 28, 2016
TEHRAN, Aug. 26 (MNA) – Iranian Oil Minister Bijan Zanganeh has announced that he will participate in a meeting of OPEC ministers in Algeria in September.
Speaking to reporters on Friday morning, the Iranian minister confirmed his intention to take part in the forthcoming OPEC meeting towards the end of next month to be held on the sidelines of an International Energy Forum industry conference in Algeria.
Zanganeh"...Continue Reading >
August 27, 2016
Reserves and production
Africa’s share of global oil production dropped again slightly since last year, moving it from 9.3% to 9.1% of global output. Proven oil reserves on the continent are still estimated to be 7.6% of the global total, which is the same as the previous year. This comes as no surprise as much of the exploration and appraisal activity has been put on hold with the global oil price downturn. Despite this, Africa boasts eight of the top-20 discoveries in 2015 and already 9 out of the top-20 discoveries at the time of writing in 2016. That said, average discovery sizes are on the decline worldwide.
August 25, 2016
Oil prices will fall over the rest of the year as any substantial agreement between OPEC and non-OPEC countries at the upcoming meeting in Algeria is unlikely.
This was stated by Tom Pugh, the economist at British economic research and consulting company Capital Economics, Trend news agency reports.
"The recent rally in oil prices has been primarily driven by speculation about a deal between OPEC and major non-OPEC producers to freeze production. We think that prices will fall back, though, as the outcome of next month's unofficial meeting underwhelms expectations," the economist...
August 23, 2016
Kerui Petroleum announced that the first paraffin removal operation of their latest independent-developed High-Temperature High-Pressure Nitrogen Truck has been successfully completed at Karamay Oilfield, Xinjiang, where eight paraffin-clogged wells were revived by the new Nitrogen truck. Featuring free switch between normal and high-temperature high-pressure Nitrogen, the truck was appreciated by the client so much because of its wider range of applications, which could ultimately decrease the cost.
...Continue Reading >
August 21, 2016
Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter. In the six months since the first major attack on Nigeria's oil – a sophisticated bombing of the subsea Forcados pipeline –"...
Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter.
In the six months since the first major attack on Nigeria's oil – a sophisticated bombing of the subsea Forcados pipeline –"...Continue Reading >
August 20, 2016
The union has warned the government to take immediate steps to stem the unlawful mining operations or face the wrath of its members, who have threatened a strike.
"Considering the dangers posed by this menace and the threat to the safety and security of our members, we, as a union, may be compelled at any stage to withdraw labour services to the industry if this situation persists," the union's general secretary, Prince William Ankrah, said at the GMWU"...Continue Reading >
August 18, 2016
National Company for Exploration, Production, Transport and Commercialization of Hydrocarbons SONATRACH and its partners PTT Exploration and Production Public Company (Thailand) or PTTEP and CNOOC (China) announced the successful completion of a drilling campaign, in the Hassi Bir Rekaiz Permits in Algeria which has been conducted since 2011.
The Bou Goufa-2 (BOG-2) in"...Continue Reading >
August 14, 2016
Increased oil price volatility, fueled by frustration with the slow pace of a rebalancing of oversupplied markets, is behind OPEC‘s decision to hold informal talks on the sidelines of the 15th International Energy Forum (IEF) in September. Initially, there were zero expectations that OPEC ministers would hold any meaningful discussions in Algiers but, taking the market by surprise, Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources Khalid al-Falih on July 11 signaled his support for a meeting of both OPEC and non-OPEC producers in Algiers and, if needed, possible action...Continue Reading >
August 10, 2016
Thousands more workers at South African power stations plan to join a strike on Wednesday over pay at state-run utility Eskom, their union said on Tuesday.
The strike began on Monday when about 1,500 members of the National Union of Mineworkers (NUM) downed tools after wage talks stalled. Eskom branded the stoppage illegal because its members are prohibited by law from"...Continue Reading >
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