• 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 13 minutes Could Venezuela become a net oil importer?
  • 18 minutes Oil prices going Up? NO!
  • 59 mins The Tony Seba report
  • 17 mins Could Venezuela become a net oil importer?
  • 44 mins Harley-Davidson "Made in EU"
  • 3 hours Time Of Recession - China and Europe Are Warning That A Trade War Could Trigger A Global Recession
  • 6 hours Erdogan After Erdogan: New Presidential Mandate After Yesterday's Elections
  • 10 hours LNG Shortage on the Way
  • 5 hours The U.S. Will Soon Give North Korea a Timeline of 'Specific Asks
  • 6 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 15 hours Are Electric Vehicles Really Better For The Environment?
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 48 mins China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 8 hours Sell out now or hold on?
  • 16 hours OPEC soap opera daily update
  • 16 hours Kenya Eyes 200+ Oil Wells
  • 3 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 2 hours Oil prices going Up? NO!
Alt Text

Oil Prices Rebound On Crude, Gasoline Inventory Draws

Oil prices reversed on Wednesday…

Alt Text

Saudi Oil Minister: OPEC+ Agreement Is Just The Beginning

Saudi Oil Minister Khalid al-Falih…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

Anadarko Begins Production in Algeria’s Field of Dreams

Anadarko Begins Production in Algeria’s Field of Dreams

US oil company Anadarko Petroleum Corp. has officially launched production in Algeria’s Illizi Province, with plans to produce 146,000 barrels per day in partnership with Algerian state-run Sonatrach.

Production at the southeastern el-Merk field, in Illizi Province, began on Sunday, 26 October.

The field is estimated to hold roughly 1.2 billion barrels of oil and is located in what is being described as the heart of Algeria’s oil development plans.

Sonatrach, Algeria’s state-owned oil company, holds a 51% stake in the project, which will run up an exploration bill of about $4 billion for an estimated 80 wells.

Related article: North African Downfall Spells Success for Morocco

A 49% share of production will go to Anadarko and its partners, Eni, Maersk, Conoco Philips and Talisman.

The project plans to produce 12,000 barrels a day by May 2014, ramping up to 130,000 per day, the peak, by the end of next year.  

Algeria is a member of the Organization of Petroleum Exporting Countries. OPEC said the country has proven crude oil reserves of 12.2 billion barrels.

Production here is being launched as security in Algeria is increasingly threatened by the chaos in neighboring Libya. The situation in Libya and the threat to Algeria’s borders have increased since the attack on the BP-Statoil Amenas gas facility in Algeria in January.

Last week, Algerian security forces discovered a massive weapons cache, including hundreds of anti-aircraft missiles, near the border with Libya, in the area of Illizi. There are concerns that production at Illizi could become a target for militant attacks.

Related article: Marathon Rethinks Libya Exit

Algeria is dealing with the threat of militant infiltration along its borders with both Libya and Tunisia. As of 21 October, the Algerian army is on full alert and an additional 12,000 troops have been mobilized and deployed on the country’s eastern border with Tunisia.

On the legislative front, the investment atmosphere has improved since the adoption in January of a new national hydrocarbon law revamping the production tax system, state ownership and exploration incentives.

By. Joao Peixe of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News