• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 11 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 4 hours Coal Boom in Asia is Real and a Long Trend
  • 1 hour Hydrogen FTW... Some Day
  • 1 hour China's President Xi To Visit North Korea This Week
  • 5 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 3 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 7 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 8 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 15 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 5 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 5 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 10 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 20 hours Britain makes it almost 12 days with NO COAL
  • 45 mins Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Canada’s Oil Patch Faces Investor Exodus

Canada’s Oil Patch Faces Investor Exodus

Capital investment across Canada’s oil…

President Of OPEC Member Algeria Steps Down Amid Protests

Algeria protests

Following weeks of huge nationwide protests, Algeria’s President of 20 years, Abdelaziz Bouteflika, stepped down from the top office of the oil and gas-rich African nation member of OPEC.

Mass protests across Algeria erupted several weeks ago when Bouteflika announced he would run for a fifth term as president. Those protests forced him to rescind that decision, but the momentum against him failed to subside. Instead, it had increased and intended to do so until he steps down entirely.

Exxon’s negotiations with Algeria for the development of local shale gas resources are being delayed because of the widespread anti-government protests in the North American country, Reuters reported two weeks ago, citing industry sources.

The report came as no surprise as it comes on the heels of other media reports that energy companies are getting nervous about their Algerian plans amid the unrest and widespread protests in the nation rich in oil and gas.

Algeria produces around 1 million barrels of oil per day (bpd). According to the latest available figures by OPEC, Algeria’s crude oil production in February stood at 1.026 million bpd. Under the OPEC+ deal for production cuts, Algeria should reduce its output to 1.025 million bpd, down by 32,000 bpd from its October level of 1.057 million bpd. 

The North African country is home to the world’s third-largest shale gas reserves, estimated at some 2,000 trillion cu ft, according to the Algerian government. Algeria is already an important gas supplier to Europe and is looking to increase its market share there.

However, the country’s shale gas fields are concentrated in the south, where the population is against gas exploration. Development plans for the area were already stopped once by local protests last year, but Sonatrach, the state energy company, pledged to continue seeking ways to convince the local community leaders that the plans will benefit them.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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