07272016Wed
Last update: Wed, 27 Jul 2016 06pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Nigeria assumes oil at $42.5, output at 2.2mn bpd for 2017 ABUJA: Nigeria is assuming an oil price of $42.5 per barrel and output of 2.2 million barrels per day (bpd) in 2017, the budget minister said on Monday as he outlined the country's three-year fiscal plan.The blueprint expects both production and prices to rise each year up to 2019, and that the naira currency will recover and settle at 290 per dollar, according to the presentation by Udoma Udoma.OPEC member state Nigeria's economy has been devastated by falling crude prices and attacks on oil and gas facilities in the southern Niger Delta energy hub that have cut oil production from 2.2 million bpd to 1.5 million since January.Udoma told a forum in the capital Abuja that projections for 2018 and 2019 were $45 and $50 a barrel and output of 2.3 million and 2.4 million bpd, respectively.Bismark Rewane, economist and CEO of Lagos consultancy Financial Derivatives, described the oil price ...

Markets - Energy - Middle East & Africa

Algeria boosts oil output at two major fields, official says HASSI MESSAOUD: Algeria has boosted output at two major oil fields, including the giant Hassi Messaoud field, an official at state energy firm Sonatrach said on Monday. Production at Hassi Messaoud, 800 km (500 miles) southeast of the capital Algiers, has risen to 470,000 barrels from 420,000 barrels a few months ago, the Sonatrach source told Reuters on the sidelines of a conference. Output at Ourhoud oil field, around 1,100 km southeast of Algiers, has ...

Markets - Energy - Middle East & Africa

Azerbaijan's oil output edges up 0.4pc in first half BAKU: Azerbaijan produced 21.06 million tonnes of oil in January-June, 0.4 percent more than in the first half of last year and the first rise since May last year, the State Statistics Committee said on Thursday.It increased its output of natural gas to 14.9 billion cubic metres (bcm), from 14.6 bcm.The central Asian country expects to produce 41 million tonnes of oil this year and 29 bcm of gas.Last year it produced 41.7 million tonnes ...

Markets - Energy - Middle East & Africa

Nigerian oil militants claim new attacks LAGOS: Nigerian oil militant group the Niger Delta Avengers on Sunday claimed five attacks on the country's oil and gas infrastructure in a revival of their sabotage campaign after a recent lull. Since early this year, the Avengers have been bombing pipelines as they fight to win the Niger delta region a bigger share of crude revenue and greater political autonomy. The sabotage is hitting the economy -- the central bank governor has warned a ...

Markets - Energy - Middle East & Africa

Kuwait to strengthen security at oil sites DOHA: Kuwait National Petroleum Company (KNPC) will reinforce security measures at oil installations in coordination with the country's interior ministry, a KNPC official spokesman said on Sunday. "Intensive security plans to protect oil installations and facilities will be supported by the military and taken up after coordinating with the Ministry of Interior and its subsidiary bodies," Khaled Al-Asousi was quoted as saying by state news agency KUNA on Sunday. He did not provide further details. ...

Markets - Energy - Middle East & Africa

Uganda in oil refinery talks with South Korean SK Engineering-led bid KAMPALA: Uganda has begun negotiations with a consortium led by South Korea's SK Engineering for the building of a crude oil refinery and ended talks with a group led by Russia's Rostec Global Resources, the energy ministry said on Friday. The Ministry of Energy and Mineral Development said the decision was reached to end talks with Rostec Global after it made additional demands to a deal reached in May, with it said was due to ...

Markets - Energy - Middle East & Africa

Nigeria signs $80bn of oil, gas infrastructure deals with China LAGOS: Nigeria has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, the West African country's state oil company said on Thursday. Nigeria, an OPEC member which was until recently Africa's biggest oil producer, relies on crude sales for around 70 percent of national income, but its oil and gas infrastructure is in need of updating. The country's four refineries have never reached full production because of poor maintenance, causing it to ...