Oil and gas

April 26, 2018


Uganda picks consortium to finance and operate greenfield oil refinery in Hoima District

Following the favourable evaluation of its private sector-led offer by the Uganda Government, the Albertine Graben Refinery Consortium (AGRC) comprised of YAATRA Ventures, Baker Hughes, a GE company, LionWorks Group and Saipem, have signed a project framework agreement confirming its selection for the realization of a 60,000 barrels per day capacity refinery with a project estimated value of around $3 billion.

YAATRA Africa is an infrastructure"...

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April 26, 2018


Schlumberger Announces First-Quarter 2018 Results

  • Revenue of $7.8 billion decreased 4% sequentially
  • Pretax operating income of $974 million decreased 16% sequentially
  • EPS was $0.38
  • Cash flow from operations was $568 million

Schlumberger Limited (NYSE:SLB) today reported results for the first quarter of 2018.


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April 25, 2018


Algeria says oil price of $75 a barrel will allow for investment

Algeria sees a fair oil price of $75 a barrel to allow for investments in the sector, the CEO of state firm Sonatrach said on Tuesday.

'It will allow us to invest in the business, it allows us to explore and renew our reserves. But it is very volatile and we hope that it will continue to be at $75,' Abdelmoumen Ould Kaddour told reporters in the city of Tamanrasset.


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April 24, 2018


Dalberg Partners with Dakar-based Incubator to Support Entrepreneurs in Senegal

Dalberg, an international strategy consulting firm with operations in Senegal, has helped launch a new incubation program that aims to mobilise Dakar’s most innovative early-stage entrepreneurs and help them turn their ideas into viable start-ups,

The program, known as ‘Incuberation’, was launched in April, 2018 as the first incubation program for Impact Dakar, an orgsnisation that aims to strengthen the entrepreneurial ecosystem"...

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April 24, 2018


Algerians Consume Half A Billion Dollars Of Fuel In 90 Days

The import bill of fuel or energy products rose, in the first three months of this year, to $ 481 million, which is nearly half a billion dollars, or 31.42%, compared to the same period of last year.

This happens despite the measures that are taken by the government since the beginning of the current year to reduce fuel consumption, such as raising gasoline and diesel prices through the Finance Act of 2018, stopping the importation of cars, activating"...

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April 23, 2018


Algeria says current global oil price 'fair': state firm CEO

OPEC member Algeria believes the current global crude oil price is fair and hopes this level will remain unchanged for a long time, the CEO of the country’s state energy firm Sonatrach said on Sunday.

“Oil is currently around $75 a barrel and we (producing countries) think that it’s the fair price,” Sonatrach CEO Abdelmoumen Ould Kaddour was quoted as saying by state news agency APS.


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April 22, 2018


IMF Reverses Oil Prices To Fall

Hopes of the Organisation of Petroleum Exporting Countries (OPEC) ever witnessing an oil price of $100 per barrels has been dimmed by the latest forecast from the International Monetary Fund (IMF), which expects crude oil prices to drop from the projected $62.31 per barrel to $58 a barrels in 2019.

Latest projection from IMF, which further suggest an annual crude oil price of $62.3 a barrel in 2018, expects crude oil prices to drop to as low as"...

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April 21, 2018


Algeria To Hold A Coordination Meeting Between OPEC, Non-OPEC Producers

The joint ministerial committee of the Organization of the Petroleum Exporting Countries (OPEC) and the non-OPEC countries agreed to organize a consultative meeting in Algeria next September.

The meeting includes the Energy Ministers of the countries that agree to cut production quotas, while the joint ministerial committee to monitor the commitment of countries to reduce production ceiling by 1.8 million barrels of which 1.2 million barrels per"...

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April 19, 2018


Sonatrach Uses “Alcomsat-1” To Explore Oil, Gas In Algeria

Algerian National Oil Company “SONATRACH” will benefit from the Algerian satellite Alcom Sat 1, which was recently launched from China, in the field of oil and gas exploration, and the preparation of the Algerian mining field, and the maintenance of the company’s facilities, data and communications, making it purely Algerian and do not pass through international trends and workshops.
In the context, Sonatrach signed a framework agreement with the Algerian Space Agency (ASA) on Sunday evening, to establish"...

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April 18, 2018


Nigeria’s Brent Crude Crosses $72 mark, Production Hits 1.81mbpd

Nigeria’s Bonny Light crude oil price touched it’s highest since 2014 at the weekend, supported by Organisation of the Petroleum Exporting Countries (OPEC) led production cuts, and likelihood of the United States taking military action in Syria increases.

Besides, Nigeria’s crude oil production increased from 1.792mbpd in February to 1.810 mbpd in March.OPEC and allies including Russia are keeping crude oil supply limits in place"...

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