North Africa


Within Opec, Algeria is perhaps second only to Venezuela in its inability to adapt to lower oil prices since 2014. Massive deficits are the direct legacy of spending largesse in the wake of the 2011 ‘Arab Spring’. More upstream investment is desperately needed but this will require improved terms, now promised for 2019.

Sonatrach's Latest Planned 5-Year Spend Has Dropped Sharply Despite Oil Price Increase...
...Actual Spending Has In Any Case Massively Lagged The Planned Figures ($Bn)
Algeria Gross Gas Output (Bcm): Sales Gas At Record Levels As Reinjection Slashed; Is This Sustainable?