Algeria’s government-run oil company intends to increase national reserves and step up oil and gas output.
Oil and Gas
Agreements signed on Tuesday amount to USD 2.225 billion and include stakes in pre-salt oilfields.
The Brazilian federal government will create rules in a bid to attract international capital into the oil refinement market, currently near single-handedly dominated by state-run company Petrobras.
The slumping economy led to a 4.5% decline in oil products consumption last year in the country. In 2015 from 2014, consumption had also gone down, but not at as sharp a rate.
December 2016 average daily outputs were the highest for oil and natural gas, reported Brazil’s National Agency for Petroleum, Natural Gas and Biofuels (ANP).
Statement was made by Algeria’s minister of Energy, Noureddine Boutarfa. OPEC and non-OPEC countries have decided to lower their oil output this year in 1.8 million barrels per day.
The 4th bidding rounds of areas with marginal accumulations will be held on May 11. Seminar on the subject is scheduled to January 26.
The minister of Mines and Energy, Fernando Coelho Filho, said that bidding rounds for the concession of onshore, pre-salt and post-salt blocks should take place this year.
The state-owned company produced, on average, 2.14 million daily oil barrels last year, an increase of 0.75% over 2015.
Brazil produced, on average, 111.1 million cubic meters per day in November, an increase of 2.4% over October and 18% in comparison to November 2015.
The company’s refineries are now charging 8.1% more for gas and 9.5% more for diesel. The price raise was to align it with the increase in oil international prices.
Production in Brazil averaged 2.624 million barrels a day, gas included, up 9% from October 2015. In October from September, however, output was down 1.8%.