The Egyptian government is battling to complete oil supply deals that it has concluded with Libya and Iraq due to the lack of acceptable bank guarantees. Amidst fuel shortages, the inability to secure an acceptable guarantee highlights the weakness of the public coffers. The deals were expected to solve the country’s energy problems, but an [...]
The Libyan Oil Minister has announced they will be pushing for an increase of the quota allocated to the country at the Oil and Gas Summit 2013 of the global petroleum body, Organization of the Petroleum Exporting Countries (OPEC). The request for increment comes at the back of the continuous rise of oil production output [...]
According to reports, the French company Total will be increasing its exploration in Mauritania as it prepares to begin the drilling of a second oil well in the country. Its new adventure will be in the basin of Taoudenni Alakhbar. Sources close to the company claimed that the drilling will soon start. According to one [...]
Libya, an OPEC member, which is seeking to boost its oil production, is currently hit by some waves of sporadic demonstrations, affecting the North African country’s oil sector. The oil port of Al-Zuweitina, 790 kilometers east of Tripoli, has been forced lately to shut down its operations by some protesters who stormed into the port’s [...]
A decade long investment plan worth $8 million has been revealed by ENI# to develop its upstream business as it moves to strengthen its grip as the leading international oil and gas producer in Libya. The announcement was made by its Chief Executive Paolo Scaroni who also presented the investment and development objectives of the [...]
Italy’s petrol giant, ENI has once again started exploratory drillings in Libya as it continues to increase its activities in Africa. The drilling is onshore and the well is being totally operated by the company’s subsidiary in the region, ENI North Africa. The drilling will attain a total depth of 14,500 feet and new techniques [...]
Last January, South Sudan completely shut down its oil production unit because of a dispute with Sudan over the price Khartoum imposed for its exportation. This new nation depended on oil production as immense revenue for the government. It was the production of 350 000 barrels per day that allowed the nation to have a [...]
The Moroccan government has signed an agreement with Chariot Oil & Gas Investments (Morocco) to grant it a 75% interest and operatorship in offshore license called the Rabat Deep. The agreement increases the possession of the company’s offshore surface area to a total of 16,207km². The Rabat Deep covers an area of 10,782km² and it [...]
Diplomatic sources have hinted that Exxon Mobil will be forgoing its giant oilfield project in southern Iraq because of small profits from the estimated $50 billion West Qurna-1 project which has 8.7 billion barrel reserves for better projects in the Kurdistan autonomous region. Although Baghdad considers oil agreements with the Kurdistan Regional Government illegal, diplomatic [...]
The two Sudans have been able to come to terms regarding the oil exportation from South Sudan and the usage of Sudan’s pipelines and port after days of negotiations between the two presidents in Ethiopia. The revenues to be generated from the oil trade are badly needed by the two countries as their economies continue [...]
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