Average cost of oil production per barrel rises 12 per cent

The weighted average cost of producing a barrel of oil per block in 2018, excluding abandonment costs, rose 12 percent to $ 7.53 versus $ 6.74 in 2017.

The increase in the cost per barrel per block was due to the natural drop in production, especially in blocks 18 and 31, and the fact that most of the blocks in production are in need of constant repair and maintenance interventions.

The"...

Algerian tanker released by Iran

Sonatrach said that Iran, on Saturday, released an oil tanker owned by the company, after forcing it into Iranian territorial waters on Friday.

The company said in a statement on Saturday that Iranian authorities freed the tanker MASDAR, after a crisis-cell was set up between Algerian energy and foreign affairs ministries.

The statement added that the tanker reached its"...

Political situation in Algeria: Hydrocarbon sector still attractive

ALGIERS- Foreign firms continue to show special interest in the Algerian market of hydrocarbons, denying some “analyzes” about imminent disinvestment in the sector owing to the political situation in the country.

Algeria has managed to retain its customers and attract new ones during the worst periods it had gone through, thanks to its energy development"...

Seabed Geosolutions wins 4D ocean bottom node survey, offshore West Africa

Seabed Geosolutions has been awarded a 4D ocean bottom node (OBN) monitor survey in West Africa for a major oil company.

Seabed Geosolutions collects geophysical data on the seabed through an array of imaging technologies for oil and gas companies, focused on the development and production phases of their fields.

The project, for which the data is expected to be acquired"...

Eni, Sonatrach to accelerate developments in Algeria

Sonatrach and Eni Chief Executive Officers, Rachid Hachichi and Claudio Descalzi, held a meeting in Algiers to review the progress made on the activities taking place in the country.

Sonatrach and Eni confirmed the intention to accelerate the development of new oil&gas projects in North Berkine, that will lead to a significant increase in national production. The"...

Greater Tortue Ahmeyim-1 well expands natural gas resource potential offshore Mauritania and Senegal

Kosmos Energy announced that the Greater Tortue Ahmeyim-1 well (GTA-1), drilled on the eastern anticline within the unit development area of Greater Tortue, has encountered approximately 30 meters of net gas pay in high-quality Albian reservoir.

The Greater Tortue Ahmeyim LNG project is on track to deliver first gas in the first half of 2022, and the well (which has been designed as a future producer) will be used to further optimize the development"...

Bidding Deadline for Equatorial Guinea’s Oil, Gas and Mining Licenses Set for September 2019

The bidding deadline for Equatorial Guinea’s oil, gas and mining licenses has been set for September 27th, 2019 following a successful Roadshow that sought to attract investors in China.

Winners of the bidding process, known as the ‘ EG Ronda Licensing Round’, will be announced at the much-anticipated Gas Exporting Countries Forum’s 5th Gas Summit in Malabo on November 27th, 2019.

The"...

KOC Awards Halliburton Integrated Offshore Services Contract

Kuwait Oil Company (KOC) and Halliburton (NYSE: HAL) today announced the companies have signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Arabian Gulf. Through Halliburton Project Management, the Company will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. Additionally, Halliburton will provide the offshore rigs and supply vessels"...

OPEC Set to Prolong Oil Output Cuts after Moscow-Riyadh Deal

OPEC and its allies are set this week to prolong oil output cuts to further boost prices, after the two biggest players Russia and Saudi Arabia agreed to do so.

Ministers from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna on Monday to discuss output, before gathering a day later for OPEC+, a group of 24 oil-producing countries that includes Russia.

Russian"...

ADES secures new contract in Egypt, extends contract in Algeria

ADES International Holding, a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA) through its subsidiaries, is pleased to announce that it has been awarded a new two-year contract for its ADMARINE IV offshore jack-up rig in Egypt and has signed a one-year contract extension for its onshore rig RIG 828 in Algeria.

The ADMARINE IV contract was awarded by a leading Egyptian energy company through"...