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Italy’s Eni reviews renewables for Algeria

Italian energy company Eni, the second-largest producer in Algeria, said it was reviewing renewable energy options in the country. Photo by photostock77/Shutterstock ALGIERS, Algeria, Nov. 4 (UPI) — Italian energy company Eni said its representatives met with Algerian officials to discuss an energy mix that includes plans for a renewable energy industry. Claudio Descalzi, the chief executive officer at Eni, joined executives from state-owned energy company Sontrach, Algerian Energy Minister Salah Khebri and Prime Minister Abdelmallek Sellel to outline future strategies in the country . "Among other things, they discussed on the energy mix issue and Eni offered its willingness to consider projects in partnership for the development of renewable energy," the Italian company said in a statement. Algeria has the 10th largest natural gas deposits in the world and is the third-largest supplier to Europe. Its exports have been in decline, however, because of lagging foreign investments. The […]

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Algeria Backs Venezuela on OPEC, Non-OPEC Summit to Boost Prices

Algeria supports Venezuela’s call for a summit among heads of state from OPEC and other oil-exporting nations in a bid to lift crude prices, Algerian Foreign Minister Ramtane Lamamra said. ”Algeria has always been a pioneer when it comes to strengthening solidarity between producing countries,” Lamamra said Monday in an interview in Paris after meeting President Francois Hollande. “We would only convene a summit if its success is guaranteed; meetings at the level of ministers and experts will therefore precede such an event.” Venezuela has proposed that heads of state from the Organization of Petroleum Exporting Countries and other oil producers meet in November to discuss the price needed to sustain investments in future supplies, the country’s Oil Minister Eulogio del Pino said on Oct. 21. Speaking in Vienna during a meeting of experts from OPEC and from outside the group, del Pino said Venezuela seeks to set an […]

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Algeria Targets Hidden $40 Billion as Oil-Price Pleas Ignored

Day and night, trucks trundle the 10 miles from Algiers port to the suburb of Semmar, where workers unload and stack goods that will feed into a vast black market. Merchants pack narrow streets to buy canned and dry fruit, grains and vegetables for cash, with the biggest crowds gathering after dark. Bazaars like this drive a $40 billion untaxed parallel economy, one the government says it can no longer tolerate as the oil slump slashes revenue and fellow OPEC members rebuff Algeria’s pleas for steps to prop up prices. Under the terms of an amnesty, Algerians have a year to deposit income from undeclared businesses with banks and pay a 7 percent fee, or face punishment. For President Abdelaziz Bouteflika’s administration, alternative measures — such as cutting a soaring bill for subsidies that helped ward off the strife which has swept the region since 2011 — aren’t attractive. […]

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Algeria Writes to OPEC Over Falling Oil Prices

Algeria has written to OPEC warning that a new drop in oil prices may warrant fresh discussions over the group’s strategy, people familiar with the matter said, the latest sign of economic stress for some members of the cartel. According to the people, Algerian Oil Minister Salah Khebri last week sent a letter to OPEC’s secretariat complaining oil prices have sharply declined since the group decided to keep its ceiling unchanged at a meeting in June. The international oil benchmark, Brent, now trades around $47 a barrel, compared with $62 a barrel at the time of that meeting. “The letter asked OPEC to consider taking some form of action” though it didn’t specify what measures, one of the people said. Another familiar with the letter said that in conversation with other members, Algeria had pressed for closer cooperation with non-OPEC producers. Economically-fragile countries in the Organization of the Petroleum […]

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Algeria Calls for Non-OPEC Output Cut to Stop Oil Price Slump

The Organization of Petroleum Exporting Countries can do little to halt the oil price decline on its own and needs producers from outside the group to help in reducing global supplies, Algeria’s Energy Minister said. “A supply reduction by OPEC alone cannot really guarantee a return to oil market stability,” Salah Khebri said at an event in Algiers, according to Liberte newspaper. As the 12-member group of crude producing nations accounts for 40 percent of the world’s supply, “there should be steps taken within OPEC and with non-OPECs.” Khebri called earlier this month for an OPEC emergency meeting because of the continued decline in oil prices, which dropped by half from a year ago amid rising production from the U.S. Oil and gas sales account for about 60 percent of Algeria’s budget revenue and 95 percent of its export income, according to the International Monetary Fund. Algeria’s initiative to […]

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Algeria Replaces Oil Minister Ahead of OPEC Meeting — State News Agency

By Benoit Faucon and Michael Amon Algerian President Abdelaziz Bouteflika has replaced the country’s oil minister ahead of a crucial OPEC meeting, the country’s state-run news service said on Thursday. Salah Khebri, a consultant and the former head of the Algerian Petroleum Institute, replaces Youcef Yousfi as the country’s minister of energy and mines, said APS, the news agency. Mr. Yousfi, 74 years old, a long-serving Algerian politician, was the president of the Organization of the Petroleum Exporting Countries in 1998 and 1999. He was named oil minister in 2010. Algeria will be among 12 OPEC nations that gather in Vienna on June 5 to decide whether to continue pumping increasing amounts of oil in the face of falling prices. Like other OPEC nations, Algeria’s budget is highly dependent on oil revenue and has been hurt by prices that have fallen by more than 40% since last summer. Mr. […]

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Algerian gas discovery made near Libya

Spanish energy company Repsol announces natural gas discovery in area along the border of war-torn Libya. Map courtesy of Repsol. MADRID, April 20 (UPI) — Spanish energy company Repsol announced Monday it’s made a natural gas discovery in Algeria, its third in an area bordering war-torn Libya. The company is the operator in a consortium that includes French energy company GDF Suez and Algeria’s state-owned Sonatrach. The company said gas flowed from a discovery at the so-called TESO exploration well in the Sud-Est Illizi block, where it’s already had a "very successful exploration campaign." The discovery is the third in the same region. The Spanish energy company said gas flowed at a test rate of 6.1 million cubic feet per day. "Repsol aims to drill at least four more additional wells in order to appraise the previous discoveries within the Sud-Est Illizi block," it said in its statement on […]

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Algerian Attempt to Rally Oil Prices Fails to Ignite

An Algerian invitation to fellow oil producers to work together on oil prices attracted only Angola this week, as the latest attempt to counter slumping oil prices failed to ignite. A Nigerian proposal last month to convey an emergency meeting of the Organization of the Petroleum Exporting Countries immediately fizzled after the group’s kingpin Saudi Arabia opposed the move. Fears of a mounting oil glut amid resilient U.S. oil production and brimming inventories have driven oil prices down again in recent days—after already halving since last June. Writing on behalf of Algerian President Abdulaziz Bouteflika, oil minister Youcef Yousfi sent invitations to a dozen countries, including Saudi Arabia, Nigeria, Angola and non-OPEC producer Russia, to discuss a concerted response to falling oil prices as part of “consultative meeting” in Algiers on March 16, according to people familiar with the letter. But only Angola’s oil minister José Maria Botelho de […]

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