Browsing: Africa Oil

The findings are quite encouraging for Sonatrach and Algeria, both of which have not seen major increases in their hydrocarbon reserves since the middle of the 2000s.

Since the beginning of the year, Algeria has experienced an increase in the amount of oil and gas being exported via pipeline and sea; Algeria has provided Italy with 13.9 billion cubic metres, which is more than 113 per cent of the amounts that were originally expected.

More recently, Occidental (US), Total Energies (France), and Eni (Italy) came to an agreement worth US$4 billion to develop a site located in the Berkine perimeter and generate 1 billion barrels of oil equivalent. The transaction was signed by all three companies.

Sonatrach and other international oil firms can now enter into production-sharing agreements according to a hydrocarbon law passed in 2019, despite the fact that the legislation sparked some street protests. However, it established a legal basis for more investment in Algeria.

Kenya has finally sent its first crude oil into the global market marking a major milestone in the country’s quest…