First Independent Mena Newspaper
Algeria’s foreign exchange reserves plummeted by half in the first quarter of 2015 due to the fall in global crude oil prices, the country’s central bank said. The forex reserves went down by $ 19.02 billion to $159.9 billion in the first quarter of 2015, Algerian central bank added, noting that the sales of hydrocarbons […]
According to a statement released by the Algerian Ministry of Oil, Algeria is willing to open the door to Russia in an invitation made to Minster Alexander Novak. Algeria wants a stronger cooperation between oil and gas companies from the two countries in order to strengthen their participation at OPEC. The Algerian minister offered investment […]
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 […]
A Turkish company will invest $700 million in an Iraqi steel plant to upgrade its production capacity to 1 million tons per year. Under the 18-year deal with the Iraqi ministry of Industry and Minerals, the Turkish company will rehabilitate and develop the iron and steel plant located in the Khor Al-Zubair, in Basra, that […]
French power leader Alsthom will provide Libya spare parts for 11 gas turbine units under a 250 million euro contract signed with General Electricity Company of the North African country. The Alstom spare parts are destined for five Libyan power plants operating GT13 turbines manufactured and installed by the French company. The delivery of parts […]
Following the hostage situation in Algeria, analysts fear that oil and gas future investments are dominated by uncertainty due to fears that investors will be unwilling to venture into its Sahara desert. Some believe that investments won’t be affected because the resources will be too tempting for companies to ignore. Alison Lyall, a security analyst […]
A quarterly report on Libya has been announced by Research and Markets with oil and gas production will be experiencing a strong recovery with the political stability yet to be assured. According to the report, the current levels of oil and gas production will surpass the pre-war levels under the Ghadaffi regime in the long […]
In a few days, operations will begin at the Zueitina oil terminal following the oil minister’s approval after protests by former rebels over social demands obliged it to halt. Abduladeem Shareed, security supervisor at the terminal said they have “received information from the administration saying that the organization has decided to restart operations and oil […]
Companies from the two sides of the Mediterranean have agreed to pen a deal valid for almost two decades. Spain’s Gas Natural Fenosa was a signatory to the deal with Algeria’s Sonatrach for 800mn m³/year of gas for a period of 18 years and for a 10% stake in the 8bn m³/yr in the Medgaz […]