Petroleum Africa
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Wednesday, June 25, 2014
Algeria has seen a dip in its oil and gas earnings during the first five months of 2014. Data showed that revenues from petroleum exports, which account for nearly all of the country’s export earnings, fell by 2.26% during the period.
Hydrocarbons exports generated $27.36 billion dollars from January-May, compared with $28 billion dollars for last year, and represented 96.91% of total exports, according to the national center for customs statistics.
Algeria’s petroleum sector has suffered for a number of years from a lack of foreign investment, which is needed to maintain production levels at its ageing oil and gas fields. There is a hope that its most recent bid round, launched in January will reignite investment. The awards, originally set to be announced in August, have been pushed back to September at the request of international firms wanting more time to study the data.
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