Oil and gas

February 10, 2016

1

International Coalition Announces Criminal Lawsuit Against Petrobras et al in Spanish Criminal Court

The Asociacion de Afectados de Petrobras, a Madrid-based shareholder association; International Securities Associations & Foundations Management Company for Damaged Petrobras Investors (Bolsa Madrid) Ltd. (“ISAF Petrobras”); and a coalition of international law firms, including Cremades Calvo-Sotelo, Motley Rice, and Lowey Dannenberg Cohen & Hart, announce that they have prepared a substantial criminal complaint against Petroleo Brasileiro SA, certain Petrobras group entities and (formerly) high-ranking"...

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February 9, 2016

2

Khebri, Danish FM discuss possibility to sell Algerian gas in Denmark

Minister of Energy Salah Khebri discussed Monday with Danish Foreign Affairs Minister Kristian Jensen the possibility to supply Denmark with the Algerian gas, said a ministerial communiqué.


The two sides also broached, in an audience granted by Khebri to the Danish minister “cooperation opportunities between the two countries in the fields of hydrocarbons"...

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February 4, 2016

3

BP turns to Herbert Smith as claims over Algeria terrorist attack mount

BP has instructed Herbert Smith Freehills (HSF) to defend it against claims the oil major's security precautions at an Algerian gas plant were flawed at the time of a terrorist attack in 2013 that killed 40 people.

The claims at the English High Court stem from an attack by al-Qaeda-linked militants against the In Amenas gas plant in Algeria operated by BP as part of a joint venture with Norway's Statoil and Algeria's Sontrach.


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February 4, 2016

4

Sonatrach scandal: most of the suspects acquitted

A criminal court in Algiers delivered sentences for suspects involved in the Sonatrach 1 case. Most of them were acquitted while arrested suspects were sentenced to 5 or 6 years in prison. They would be released as they spent all that time in temporary prison. Sonatrach’s former CEO Mohamed Meziane was sentenced to five year in prison suspended.

Confusion before 2 p.m.

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February 3, 2016

5

Algerian court jails six in oil firm corruption case

An Algerian court jailed six people on Tuesday in a corruption case involving state energy firm Sonatrach, including a former vice president and an ex-state bank chief, and it fined two local subsidaries for their role.

The verdicts in the so-called “Sonatrach 1” case come at a time when sliding global oil prices have significantly hit state finances in Algeria, an OPEC member, and Sonatrach is struggling to attract sorely needed foreign investment.

The charges against the defendants included corruption, money laundering, awarding contracts contrary to the law and...

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February 2, 2016

6

Algeria registers 7.5 rise in domestic energy use

Driven by household consumption and gas processing industries, including Liquid Natural Gas (LNG) and petrochemicals industries, this growth has affected virtually all energy products, including gasoline and diesel, as well as low voltage electricity customers, according to figures issued by the Energy Ministry on Sunday.


The report noted that the growth in domestic"...

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January 26, 2016

7

Schlumberger Announces Full-Year and Fourth-Quarter 2015 Results

  • Fourth-quarter revenue of $7.7 billion decreased 9% sequentially
  • Fourth-quarter EPS of $0.65, excluding charges and credits, declined 17% sequentially
  • Fourth-quarter restructuring and asset impairment charges totaled $1.46 per share
  • Full-year free cash flow of $5 billion represented 114% of earnings
  • New share repurchase program of $10 billion approved
  • Quarterly cash dividend of $0.50 per share approved

Schlumberger Limited (NYSE:SLB) today reported results for"...

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January 20, 2016

8

Salah Khebri in New Delhi for Africa-India Hydrocarbon Conference

Minister of Energy, Salah Kherbi, will go to New Delhi (India) where he will participate in the 4th India Africa Hydrocarbon Conference, said the ministry in a communiqué.


Organized on 21 and 22 January in the Indian Capital, this conference will focus on examining ways to strengthen cooperation between African countries and India in the field of hydrocarbons.

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January 16, 2016

9

Oil barrel at $25 and Algeria is under shock

The oil barrel price reached its lowest level ever since the 1990’s.


Sonatrach’s former CEO Abdelmadjid Attar described the oil current price as “catastrophic,” saying the government has never expected it.


“This situation even harmed the US and I don’t think that this price will be maintained for a long time,” he told Echorouk.


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January 11, 2016

10

ENMORE: 7th China International Rubber Oil Summit 2016

The 7th China International Rubber Oil Summit 2016 will take place on April 6th-8th, 2016 in Hangzhou, China. It will serve as a bridge between RPO producers, traders and end users worldwide with a foothold in the local market. Meanwhile, the special RPO Spring Trade Fair will also be held simultaneously.


China’s tyre industry was beset with troubles at home and abroad"...

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