Exploration & Production

AFC to provide US$28mn subordinate loan facility to Tunisia’s Topic SA

AFCAfrica Finance Corporation (AFC) announced that it will provide US$28mn subordinated loan facility to independent Tunisian energy company Topic SA's to develop Halk El Menzel offshore oil concession block, also known as Helm Project, in northern Tunisia

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Saudi Aramco's 2016 review displays continued growth

cq5dam.web.690.388Saudi Aramco has released its 2016 Annual Review, highlighting the significant achievements in progressing its long-term strategy as the world's leading integrated energy company

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Oil production kicks off in Kurdistan's Atrush block

TAi81 2017 07 03Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, has started oil production at its Atrush block in the Kurdistan region of Iraq

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Libya's oil production exceeds one million bpd

El Saharara oil field LibyaLibya's oil production has risen to 1.012mn barrels per day (BPD), as reported by Reuters, topping one million barrels for the first time in four years

State-owned National Oil Corporation had targeted reaching one million bpd by the end of July. Output has been helped by an interim deal with Germany's Wintershall to resume production amid a contract dispute, said Reuters.

On Thursday, according to the Reuter's source production had been fluctuating between 950,000 bpd and close to one million bpd due to technical and power generation problems. He expected production to stabilise at the higher end of that range "very soon".

Libya's oil sector has been dogged by unrest since the overthrow of leader Muammar Gaddafi in 2011. A power struggle involving various tribal, military and political factions has since affected oil infrastructure through port blockades and pipeline shutdowns, said Reuters.

Libya, along with Nigeria, is exempt from a deal between the Organisation of the Petroleum Exporting Countries and non-OPEC producers to curb output by around 1.8mn bpd.

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Saudi Arabia takes top position in global recoverable oil ranking

RystadIn its annual review of global oil resources, Rystad Energy has found that Saudi Arabia effectively added more recoverable oil resources, thereby retaking its top position ahead of the United States and Russia, with total recoverable oil resources reaching to 276bbo in the country

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