Algerian presidency announced on Tuesday evening the preparation of a supplementary budget to manage the collapse of oil prices in a country which economy depends almost entirely on the export of fuel.

In a statement published by the Algerian News Agency, the presidency said: “President of the Republic Abdelmajid Tebboune chaired today a working meeting devoted to assessing the country’s"...

TechnipFMC has been awarded a significant integrated Engineering, Procurement, Construction and Installation contract from BP Angola for the Platina field development, located offshore Angola in Block 18 at water depths ranging from 1,200 to 1,500 meters.

The contract covers the manufacture, delivery and installation of the subsea equipment including subsea trees, a production manifold with associated"...

The ECOWAS Bank for Investment and Development (EBID) signed a loan agreement in the amount of twenty-one million one hundred thousand United States dollars (US$21.1m) in Cotonou, with the Government of the Republic of Benin, to participate in financing the electrification of seven hundred and fifty (750) rural community infrastructures in the country, using solar photovoltaic systems.

The project"...

Sonatrach and Eni Algeria Production have signed an agreement on the marketing of dry gas from the Zemoul El Kbar licence, until 2042.

Block 403 is in the Ouargla province. The Algerian company said the gas would be carried via a pipeline that runs from the licence to Block 405b, home of the Menzel Ledjmet (MLE) facilities.

Sonatrach"...

Plunging oil prices have increased the urgency for Algeria to reform its economy, politicians and business leaders said on Monday.

Energy Minister Mohamed Arkab said the country had been in “permanent consultations” with other oil producers after the collapse on Friday of an OPEC+ supply deal, which led Saudi Arabia and Russia to say they would raise output.

Arkab"...

ALGIERS- Energy Minister Mohamed Arkab, chairman of the Opec conference said Friday from Vienna that the 8th non-Opec Opec ministerial meeting had been “very important,” the ministry said in a statement.

According to the same source, the members agreed at the end of this meeting to continue to follow developments in the oil market and the consequences of the coronavirus epidemic.

BP Angola has increased its financial grant to $6.1 million over four years to support the work in Angola of British landmine clearance charity the HALO Trust. An additional $4.9million of funding has been agreed to bolster the $1.2million grant announced in May 2019 as the pair widen their ambitions for the region.

The new funding will support HALO’s 100 Women in Demining project. The initiative"...

Italian energy major ENI said on 2 March that it has successfully completed the construction of the gas pipeline connecting Bir Rebaa Nord (BRN) and Menzel Ledjmet Est (MLE) fields in the Berkine Basin, in the south-eastern part of Algeria.

According to ENI, the pipeline is 185 kilometres long and 16 inches in diameter with a transport capacity of 7 million standard cubic metres of gas per day.

BW Energy announces first oil from the Tortue Phase 2 field development project (Phase 2) in the Dussafu Marin Permit offshore Gabon. The Gamba well DTM-5H was successfully brought online as of 4 March, ahead of schedule.

The second well, DTM-4H, is scheduled to come onstream in the coming week. Phase 2 consists of four production wells, tied back to the FPSO BW Adolo. The DTM-4H and DTM-5H are the"...

The Organization of the Petroleum Exporting Countries (OPEC) will consider making “substantial” further oil production cuts to lift prices that have dropped following the coronavirus outbreak, Algeria’s oil minister said yesterday.

“OPEC will discuss the possibility of a new substantial cut by withdrawing from the market the quantities that are not consumed due to the coronavirus"...