Algerian energy exports drop

ALGIERS: Algeria’s oil and gas exports fell 12.52 per cent in the first nine months of 2019 to $25.28 billion versus $28.89 at the same period last year, customs figures showed.

Africa’s biggest country derives 95 per cent of its foreign revenue from oil and gas sales but it has struggled to increase output and efforts to rein in public spending to make up for lower income have added fuel to a mass protest movement.

The lower house of parliament has passed a new law aimed at making the sector more attractive to international investors who could help boost production, while still retaining a ban on majority foreign ownership of oil or gas projects.

This month Algeria also appointed Kamel Eddine Chikhi as the new chief executive of the state-run oil and gas company, Sonatrach, its tenth head in 19 years.

Big changes in Algeria’s energy sector are always politically sensitive, but nine months of mass street protests against the ruling hierarchy and a coming presidential election make them more so.

Qatar LNG output to rise

DOHA: Qatar’s production of liquefied natural gas (LNG) will rise to 126 million tonnes per year by 2027 from 77 million tonnes now, Qatar Petroleum’s chief executive Saad Al Kaabi said.

The estimated increase in Qatar’s LNG production potential comes after exploration work in the expanded North Field mega project showed that confirmed gas reserves of the field exceeded 1,760 trillion cubic feet, he told reporters in Doha.

Shaleem buys Weatherford

MUSCAT: Oman’s Shaleem Petroleum Company has signed an agreement to acquire Weatherford International - Oman.

This included the relocation of all business and equipment of the company and its staff of more than 300 Omani employees, said an Oman News Agency report.

The signing of the agreement was held under the patronage of Dr Mohammed bin Hamad Al-Rumhi, Minister of Oil and Gas.