Serinus Energy Inc. has announced that the CS-3 well on the Chouesh Es Saida Concession in Tunisia has been temporarily shut in due to failure of the electrical submersible pump (ESP). According to the company, in spite of efforts by the technical team in Tunisian to fix the damages, it has been determined that a replacement ESP will be needed in order to bring the well back online. The average...

Algeria's Sonatrach and Turkey-based hydrocarbon transport company, Botas, have confirmed their willingness to strengthen co-operation and develop their positions in regional markets with the signing of an agreement. The agreement which was signed on Tuesday by Sonatrach Chief Executive Officer (CEO) Amine Mazouzi and his counterpart from Botas, Burhan Ozcan, supports the exploration of...

Khartoum and Juba has agreed to extend the financial arrangements agreement signed in 2013 regarding oil field by another three years. According to Sudan's Minister of Petroleum and Gas, Mohamed Zayed Awad, South Sudan's oil transit fees via Sudan's territories would remain as it is with $20 per barrel. “This agreement was set for three years. We have agreed to extend it for another three...

Libya’s National Oil Corp (NOC) has announced the reopening of two of the country’s biggest oil fields as it plans to almost double output in 2017. According to NOC, the pipelines linking the Sharara oil field to Zawiya refinery, and the El-Feel deposit to the Mellitah energy complex were reopened at the town of Rayayina. The reopening of these fields will help Libya boost oil production by...

The Nigerian National Petroleum Corporation (NNPC) has announced plans to begin a comprehensive rehabilitation of the country’s refineries, in order to achieve a peak capacity usage in 2017. Anibor Kragha, NNPC’s Chief Operating Officer, Refineries, declared this in a statement signed by Ndu Ughamadu, the Group General Manager, Group Public Affairs Division in Abuja. According to Kragha, the...

Tunisia could issue a bond on the Chinese financial market to finance development projects, the Central Bank of Tunisia (CBT) announced in a statement published on December 13, as the institution’s governor was visiting Beijing. “CBT’s governor, Chedly Ayari, and his Chinese counterpart, Zhou Xiachuan, looked at the possibility to issue a bond on the Chinese financial market, to mobilize...

Kasbah Resources signed an agreement with mining investor Pala Investments to advance the Achmmach tin project, in Morocco. The firms said proceeds of the agreement will be used to advance the project to exploitation stage which is expected to begin next year. Under the agreement’s terms, Pala Investments will buy 138 million shares of Kasbah Resources, at $0.027 a share, thus $3.7...

2017 will be in Niger the year of reforms, the country’s President, Mahamadou Issoufou, announced during the 58th anniversary of the proclamation of the republic. The leader said the reforms would concern customs, taxes and the treasury and will help improve these structures’ performances. In this framework, the customs sector will have a new system to record transactions, and major custom...

The Islamic Development Bank (IDB) and Moroccan authorities signed on December 15, loan agreements for a total of 980 million dirham ($101 million) to partially finance the High Speed Train project, currently being developed in Morocco. The agreements, which were signed by the IDB and Morocco’s Ministry of Finance and Economy, specifically concern the funding of Casablanca, Kenitra and...

Galp Energia has revealed that its board of directors has approved the investment for the Coral South area which is the first development related to the discoveries made in the Area 4 of Mozambique’s Rovuma basin, the company said on its website. Galp’s approval of the investment is another breakthrough towards the Final Investment Decision (FID) on the project, which, aside needing...