First Independent Mena Newspaper
Libya managed to reduce its budget deficit in 2017 thanks to a sharp rise in oil revenues totaling $14 billion, the Libyan Central Bank said. The exponential increase in oil revenues up from $4.8 billion in 2016 is still much below the $50 billion registered in Libya before the fall of Gaddafi’s rule. The Central […]
US Africa Command has warned against a terrorist plot being prepared by ISIS militants against Libya’s Oil Crescent, which is located 500 km east of the capital Tripoli, and includes the country’s largest oil reserves and export terminals. In a statement to Asharq Al-Awsat, AFRICOM spokeswoman Robyn Mack said: “at the moment, we believe that […]
Currently at loggerheads with Sudan, Egypt is seeking to sideline it from talks over Ethiopia’s Renaissance Dam on the Nile, the largest hydroelectric dam project in Africa, Addis Fortune newspaper reported. According to the paper, President Abdel Fattah el-Sisi has suggested to Ethiopia’s Prime Minister Hailemariam Desalegn, that talks proceed with Ethiopia alone. “Egypt, in […]
Reports of a pipeline explosion in Libya sent oil prices soaring to $60 a barrel, that is a two-and-a-half year highs. The blast reportedly sidelined 90,000 barrels a day of supply in a country that produced 973,000 barrels a day in Novem-ber. A Libyan military source said earlier that armed men had planted explosives at […]
The Algerian government has started to feel the heat of the falling oil and gas revenues, as the country’s foreign exchange reserves are expected to further drop to $85 billion at best, barely enough to cover 18 months of imports. The figure was recently announced by Algeria’s finance minister Abderrahmane Raouya who told MPs that […]
Italian Oil & Gas Company Eni has signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to explore the Tarfaya Offshore area, located in the waters of the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya. Under the agreement, Eni will be the Operator of the license with a […]
Morocco’s Khalladi wind power plant, built in the North of the Kingdom, has started producing its first electricity, which it injected into the local power grid. The wind farm, developed by ACWA Power in collaboration with ARIF investment fund, is the first private renewable energy project in the country. It has been developed under a […]
A draft bill has been elaborated by the Moroccan government to back up its liquefied natural gas projects, as the north African Kingdom aims to bring the share of LNG to 13% of its energy mix by 2025. The draft bill sets the guidelines for establishing a tariff system for a natural gas market that […]
Is the US seeking to tap into Morocco’s natural gas projects? This question rose to the fore after media reports said that chief of the US Environmental Protection Agency (EPA) Scott Pruitt is in Morocco this week to “update” environmental cooperation under the US-Morocco Free Trade Agreement to include an option to supply the Kingdom […]
British company, SDX Energy, confirmed a new natural gas discovery as part of its well drilling campaign in Sebou, Eastern Morocco. “We are pleased to have made another discovery during our ongoing nine well drilling campaign, with this well exceeding our pre-drill net pay estimates by more than 50%,” Paul Welch, SDX’s president and CEO, […]