Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for exploration and development of oil and gas in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for oil and natural gas exploration and production in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration.
Algeria aims to reduce budget deficit by 35% in 2026, despite spending record
Algeria's budget bill shows that it plans to reduce the deficit to $40 billion or 12.4% GDP by 2026. This is despite adopting a record spending plan to support economic growth and boost household incomes. The 2026 budget package is expected to be approved by the parliament and seen and will project total expenditures exceeding $135 billion. This is up from $128 in 2025 and $112 in 2024.
The price of gas in Europe is rising amid a strong supply
The Dutch and British gas price continued to rise Tuesday morning in response to the strikes on Ukrainian gas pipelines, but gains were limited due to a healthy supply. LSEG data shows that the benchmark Dutch front-month contract was up 0.12 Euros at 33.29 Euros per megawatt hour at TTF hub, or $11.37/mmBtu by 0959 GMT. The Dutch November contract increased by 0.14 Euros to 33.47 euros/MWh. The British day-ahead contracts rose 0.85 pence, to 85.85 cents per therm.
Algeria to invest $60 billion in energy over 5 years, says Energy Minister
Algeria will invest 60 billion dollars in energy projects from 2025 to 2029, as part of an ambitious strategy to promote oil, gas and hydrogen development, said Energy and Mines minister Mohamed Arkab on Monday. Arkab, speaking at an energy conference in Algiers said that 80% of investment would be directed towards upstream exploration and production. The remaining funds would support refinery and petrochemical project.
Edison to Replace Pipeline Gas with Flexible LNG supply
Italian gas and electric utility Edison plans to replace some gas volumes from pipeline contracts with liquefied natural gas to gain more flexibility in managing demand, its CEO said on Wednesday.The company earlier announced a 15-year agreement with Shell to purchase around 0.7 million tonnes a year of U.S. LNG starting in 2028.European companies are stepping up LNG purchases to gain flexibility, so they can resell cargoes to other markets when demand is low.
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,38 million barrels of oil per day in June, an increase of 270,000 bpd over the revised total for the month.
Chinese independent oil companies in Iraq
A few independent Chinese oil companies have poured into Iraq and are planning multi-billion dollar projects to develop the vast reserves. They want to compete with global state-backed majors who dominate production in OPEC’s second largest producer. These are some details about the activities of independent firms in Iraq. Around 120,000 barrels of oil are produced per day by the small Hong Kong listed company that produces oil and natural gas in Pakistan…
Sinopec, a Chinese company, signs a contract with Algeria to explore saline gas blocks
Sinopec Group, China's oil and gas state major, announced that it had signed a contract for the exploration of a natural-gas block in Algeria which could hold a large shale-gas resource. Sinopec International Petroleum Exploration & Production Corporation, a subsidiary of Sinopec International Petroleum Exploration & Production Corporation, and Sonatrach, the state-run Algerian oil company Sonatrach signed a contract earlier this week.
Italy and Algeria strengthen their cooperation through new business and security deals
An intergovernmental meeting held in Rome on Tuesday saw Italy and Algeria agree to cooperate in the fight against terrorism and migration, and companies sign deals in energy and telecommunications sectors. After a visit to Algiers in March by Antonio Tajani, the Italian Foreign Minister Giorgia Melons met with Algerian President Abdelmadjid Tebboune. Meloni’s government stated that Algeria was Rome’s top trading partner in Africa with a trade value of almost 14 billion euro ($16…
Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430…
Algerian court upholds five-year jail term for French-Algerian writer
Ennahar TV reported that an Algerian court confirmed on Tuesday the five-year sentence Boualem Sansal is serving for undermining nation unity. France has called for clemency. Sansal was 80 years old and lived in France. He was arrested in Algeria while on a visit in November. In March, he was sentenced for making statements in French media outlets in which he supported Morocco's claim that a part of Morocco was taken under French colonialism, and annexed by Algeria.
Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand. The group hasn't yet increased production to…
Saudi Energy Minister on Iranian oil loss: We only react to reality
Saudi Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia will only "react to reality" when asked on Thursday if it and Russia would replace any possible loss of Iranian crude oil. Speaking at an economic conference in St Petersburg the prince added that OPEC+ was a reliable organization that was attentive when circumstances prevailed. He declined to comment on hypothetical question.
Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil
Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week.After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability of a major disruption in Middle East oil supplies.Part of the reason for the rapid spike…
How do OPEC+ oil companies unwind their production cuts?
Eight members of the OPEC+ oil producing countries have begun to unwind some of their output restrictions. They are looking to slowly add back around 2.2.million barrels per day. In an online meeting held on Saturday, the eight participants agreed to increase production by 411,000 bpd during July. Here are the details of the most recent decisions made by OPEC+. This group includes members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies…
Edison confident in positive outcome of Venture Global LNG arbitration
The chief executive of Italian utility Edison said that it is confident in a favorable outcome of an arbitration between Venture Global, a U.S. supplier of liquefied gas, expected to be completed by the end the year. Edison is among several European energy firms, including Shell, BP, and Galp that have filed arbitration cases claiming Venture Global intentionally failed to fulfill its supply…
Edison Confident In Venture Global LNG Arbitration
The chief executive of Italian utility Edison said on Thursday he was confident of a positive outcome in arbitration involving U.S. liquefied natural gas supplier Venture Global, expected by the end of the year.Edison is one of several European energy companies, including Shell, BP and Galp, that have filed arbitration claims saying Venture Global deliberately failed to fulfil its supply contracts…
Egypt In Talks to Buy LNG Cargoes Amidst Energy Crunch
Egypt is in talks with energy firms and trading houses to buy 40-60 cargoes of liquefied natural gas (LNG) amid a worsening energy crunch ahead of peak summer demand, three sources aware of the matter told Reuters.The country faces spending up to $3 billion at current prices to secure the LNG, squeezing government coffers already under strain to keep the lights on amid falling gas production…
Sources say Egypt is in talks with suppliers to purchase 40-60 LNG cargoes during this year due to the energy crisis.
Three sources familiar with the matter said that Egypt is in discussions with international energy companies and trading houses about buying 40-60 cargoes (LNG) of liquefied gas to ensure emergency fuel imports ahead of summer peak demand amid an worsening energy crisis. According to the latest available data from the Joint Organisations Data Initiative, Egypt's gas production fell by 39% in February to its lowest level in 9 years. It was 3.3 billion cubic meters.