Algeria energy revenues up 15% as global oil prices rise

Algerian state energy firm Sonatrach's solar plant is pictured in Bir Rebaa oil field in southern Algeria. (REUTERS/Lamine Chikhi/File Photo)
Updated 10 February 2019
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Algeria energy revenues up 15% as global oil prices rise

  • The overall value of exports stood at $41.17 billion compared with $35.19 billion in 2017

ALGIERS: Algeria’s energy earnings rose 15.27 percent in 2018 from the previous year due to higher global oil prices, the government said on Saturday.

Stronger revenues helped to reduce the OPEC member’s trade deficit by 53.73 percent to $5.03 billion in 2018, according to customs figures.

Oil and gas exports, which accounted for 93.13 percent of total sales abroad, reached $38.34 billion, up from $33.26 billion in 2017, the figures showed.

The overall value of exports stood at $41.17 billion compared with $35.19 billion in 2017. Imports rose 0.3 percent to $46.20 billion in 2018, the customs data showed.

Algeria has failed to reduce spending on imports despite import restrictions on some goods, including foodstuffs.


Turkey set to begin oil and gas drilling off Cyprus

Updated 21 February 2019
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Turkey set to begin oil and gas drilling off Cyprus

  • “In the coming days we will start drilling with two ships around Cyprus,” Turkish foreign minister said
  • Turkey and the Cypriot government have overlapping claims of jurisdiction in the eastern Mediterranean

ISTANBUL: Turkey will begin drilling for oil and gas near Cyprus in coming days, state-owned news agency Anadolu reported Foreign Minister Mevlut Cavusoglu saying on Thursday, a move that could stoke tensions with neighboring Cyprus and Greece.
Turkey and the internationally recognized Greek Cypriot government have overlapping claims of jurisdiction for offshore oil and gas research in the eastern Mediterranean, a region thought to be rich in natural gas.
“In the coming days we will start drilling with two ships around Cyprus,” Cavusoglu was quoted as saying in a speech to a business conference in western Turkey’s Aydin province.
“Let those who come to the region from far away, and their companies, see that nothing can be done in that region without us. Nothing at all can be done in the Mediterranean without Turkey, we will not allow that,” Cavusoglu said.
Turkey launched its first drillship “Fatih” in October to drill off the coast of Turkey’s southern Antalya province. It said a second ship that it purchased would operate in the Black Sea, but was diverted to the Cyprus area.
Breakaway north Cyprus, which is supported by Turkey, says any offshore wealth also belongs to them, as partners in the establishment of the Republic of Cyprus in 1960.
The island was divided in 1974 after a Turkish invasion triggered by a brief Greek-inspired coup. Countless peacemaking endeavours have failed, and offshore wealth has increasingly complicated peace negotiations, with Greek Cypriots saying the matter is not up for discussion.