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 >>

Egypt >>  5/23/2018 - Supporting the modernisation of Egypt’s oil industry, the EBRD is providing a US$200 million for major investments in energy efficiency and refurbishm...
Tanzania >>  5/14/2018 - Swala Oil & Gas (Tanzania) plc announced that Orca Exploration Group Inc. (“Orca”) has agreed to an additional extension to the date by which the seco...

United Arab Emirates >>  5/13/2018 - The Abu Dhabi National Oil Company (ADNOC) unveiled plans to invest AED 165 billion (US $45 billion) alongside partners, over the next five years, to ...
Iran >>  4/20/2015 - Two British companies are gathering information about how to invest in Iran, managing-director of Iran Industries Investment Company said. ...

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.