First Independent Mena Newspaper
Tunisian authorities have awarded an oil exploration permit to Ukraine’s YNG Exploration Limited. The permit authorizes the Ukrainian firm to begin explorations in the 988 KM² Araifa site in Tatounie, southern Tunisia. The firm will conduct seismic exploration and proceed to the drilling of two test wells over a five-year period at an estimated cost […]
Chaos is threatening the Libyan Investment Authority (LIA) as the head of the sovereign wealth fund, Mohsen Derregia, refuses to step down from his position despite the government’s decision to replace him because of poor performance. Prime Minister Ali Zeidan has named deputy central bank governor, Ali Mohammed Salem Hebri, as the temporary head of […]
Britain which is seeking to reduce its dependency on Qatar for gas imports is said to be eying Algeria as its next supply market, while the North African country is looking for investments in its oil and gas sector to boost revenue, potentially dented by the In Amenas gas plant attack. The visit of the […]
Egypt’s Minister of Finance, Mursi Hijazi, revealed that the country is losing about 100 million pounds per day because of insecurity and political unrest and that workers’ repeated strikes have also contributed to the losses. According to the minister, “the losses are caused by various disruptions, such as sit-ins, protests, cutting off roads and breaking […]
Masraf Al Rayan’s desire to acquire an important share in a commercial bank in Libya has finally been approved by its extra ordinary general assembly. Al Rayan has for been yearning for increasing its capital in a Libyan bank to get what many reports describe as a strategic share. The extra ordinary assembly’s approval now […]
Governor Hisham Ramez of the central bank has said that the foreign cash reserve recession rate may decline by next month. The central earlier on this month announced that the reserves had reached US$13.6 billion, which would amount to a 16-year low, compared to $36 billion on the eve of the 2011 uprising that ousted […]
Tunisian businessmen expressed interest Algeria’s furniture and interior design market and showed their willingness to develop partnerships with their Algerian counterparts in the sector. The director of the Tunisia program of ‘Export to Algeria,’ Riadh Bezzarga, said that the sector is “flourishing” in Algeria and it has a “great potential” to grow especially when the […]
OMV, the Austrian oil and Gas Company which is partly owned by Abu Dhabi, has recently posted a 25 per cent rise in revenues after the revival of its production in Libya which was forced to halt when the uprising gained momentum. The company’s overall oil and gas production increased by 5 per cent last year with much of […]
Libya has announced new oil and natural gas discovery in the Ghadames basin southwest of Tripoli, opening new prospects for the battered economy of the North African country. This new oil & gas find was made by the Libyan National Oil Corporation (NOC) and Algerian state-owned Sonatrach. The discovery consists of one oil field with […]
Longreach oil and gas limited, an independent oil and gas company holding exploration and near term development licences in Morocco, announced earlier this week that it has completed its 2D seismic program on the operated Sidi Moktar Licence, near Marrakesh, onshore Morocco. The program was completed according to the scheduled deadlines and budget, the company […]