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Last update: Sun, 24 Jul 2016 06am

Middle East & Africa

Markets - Energy - Middle East & Africa

Algeria oil and gas output on the rise: Sonatrach ALGIERS: Algeria's oil and gas output is moving back to growth after years of stagnation, helped in part by increased production at the North African OPEC member's existing fields, state energy company Sonatrach said on Sunday.The North African country has struggled to draw in foreign energy companies to help it to explore new fields, its efforts undermined low global oil prices and last year's near-50 percent drop in energy revenue that accounts for more than 60 percent of the Algeria's budget. Oil output will reach 69 million tonnes of oil equivalent in 2016, against 67 million tonnes last year, while gas production will rise to 132.2 billion cubic meters (bcm) from 128.3 bcm in 2015 and 130.9 bcm in 2014, a Sonatrach report showed. "The era of stagnation is behind us and we are now in a phase of growth," Sonatrach chief Amine Mazouzi told reporters on Sunday. A drop ...

Markets - Energy - Middle East & Africa

Saudi Prince talks oil markets with US KHOBAR: Saudi Arabia's Deputy Crown Prince Mohammed bin Salman discussed global oil market conditions and efforts to maintain its stability with US Energy Secretary Ernest Moniz, state news agency SPA reported on Thursday. In a brief statement, SPA said the two men talked about "supporting joint efforts for the stability of the energy markets and providing energy to world markets in a sustainable manner." It gave no further details.Prince Mohammed, the son of King Salman, ...

Markets - Energy - Middle East & Africa

Africa-focused funds fuse $3.3 billion electric power assets LAGOS: Two Africa-focused funds have created a new energy joint venture capable of generating 1,575 megawatts (MW) of electricity in at least 10 countries by merging assets totalling $3.3 billion. Chronic power shortages are one of the biggest obstacles to growth in countries across Africa, with a dearth of electricity or regular blackouts strangling industries and the continent is turning to outside investors and renewables to boost output.The deal to develop and finance projects, announced ...

Markets - Energy - Middle East & Africa

Angola state oil firm finds gas in Kwanza basin LUANDA: Angolan state oil company Sonangol has discovered gas reserves in the offshore Kwanza basin that it says could total 813 million barrels of oil equivalent in a block in which BP has a stake. Sonangol said Block 20/11 held an estimated 313 million barrels of condensate and 2.8 trillion cubic feet of gas.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Iraq southern oil exports average 3.14 million bpd so far in June BASRA: Oil exports from Iraq's southern ports are averaging 3.144 million barrels per day (bpd) so far in June, down from May due to maintenance work and weather, a South Oil Co. official said on Tuesday. State-run South Oil oversees Iraq's operations in the southern provinces that produce most of the OPEC's nation's crude.Iraq exported 3.2 million bpd in May and 3.364 million bpd in April from its southern ports, according to official figures."There are ...

Markets - Energy - Middle East & Africa

Saudi Arabia's crude oil exports fall in April despite high output DUBAI: Saudi Arabia's crude oil exports in April fell despite high production levels, while more crude was used domestically for power generation and to feed rising demand from local refineries. Crude exports in April fell to 7.444 million barrels per day from 7.541 million bpd in March, official data showed on Monday. The world's largest oil exporter and OPEC heavyweight produced 10.262 million bpd in April, compared with 10.224 million bpd a month earlier, the ...

Markets - Energy - Middle East & Africa

Iran says Japan has bought more than 200,000 bpd in the last month DUBAI: Iran's oil export chief said on Monday that Japan had bought more than 200,000 barrels of oil per day from Tehran in the last month, indicating the two countries are ready to move beyond their current contract terms.Japan has a contract to buy 160,000 bpd from Iran but its purchases have gradually increased over the last three months, Mohsen Ghamsari, director for international affairs at the National Iranian Oil Company (NIOC), was quoted by ...