Gulf Oil and Gas accountACCOUNT

Algeria Expects 2014 Energy Earnings Dip to $60b

Source: Algeria Times 10/13/2014, Location: Africa

Share |
Algerian state-run energy group Sonatrach expects earnings from oil and gas sales to dip by 5.2 percent to $60 billion in 2014 from a year earlier if crude prices stabilise for the rest of the year, its interim chief executive said.

OPEC member Algeria, a major gas supplier to Europe, relies heavily on energy earnings to fund its economic development plans and the social programmes which helped it avert some of the unrest that hit its neighbours 2011.

"Earnings should be around $60 billion, subject to a stabilisation in oil prices," Sonatrach interim chief executive Said Sahnoun told state radio. He replaced the former Sontrach chief as the company's top manager in July.

Energy earnings dropped to $63.3 billion in 2013 from $70.5 billion in the previous year.

Algeria recently held a new energy bidding round where it only assigned four out of the 31 perimeters on offer, including a substantial number of unconventional oil and gas field tenders, in a bid to bolster stagnated production.

For more information about related Opportunities and Key Players visit Algeria Oil and Gas Projects

Investment News in Algeria >>

Norway >>  11/12/2018 - TGS announces a strategic collaboration with Axxis Geo Solutions (AGS) for multi-client ocean bottom node projects in the North Sea. The area of mutu...
France >>  11/11/2018 - On Friday, during the inauguration of the Beauce G‚tinais Biogas (BGB) methanization unit in France, in presence of FranÁois de Rugy, French Minister ...

United Kingdom >>  11/5/2018 - Reabold Resources has signed a subscription agreement with Rathlin Energy (UK), a wholly-owned subsidiary of Calgary-based Connaught Oil & Gas, to inv...
United Arab Emirates >>  11/4/2018 - Abu Dhabiís Supreme Petroleum Council (SPC) approved the Abu Dhabi National Oil Companyís (ADNOC) new integrated gas strategy and plans to increase it...

Australia >>  10/29/2018 - Senex Energy has announced that following financial close of its $150 million debt facility, Final Investment Decisions have been taken and multi-year...
Qatar >>  10/28/2018 - Qatar Petroleum will allocate 750 free shares in Qatar Aluminium Manufacturing Company "QAMCO" (under incorporation) to all registered Qatari benefici...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Algeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

 

Oil & Gas Companies in Algeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.