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Troubled Times for North Africa’s Oil Sector

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The North Africa Journal | By Arezki Daoud | Foreign companies are expressing their frustration with the security and political events affecting their business in North Africa. Many decided to postpone work for some future time, a decision often justified by a reduction in global demand, lower global prices and higher inventories expected in the future. That leaves, however, greater uncertainty in the region and many questions are being asked by the global investor community as to what come next.

For now, some leading companies have made pronouncement on their activities in the region, starting with BP postponing the development of In Amenas and In Salah gas producing fields in Algeria, pushing them to next year according to BP’s chief executive Bob Dudley. During a conference call for analysts on October 29, Dudley said the company did not anticipate the projects would be ready to start up in 2014.  The expansion of the projects was halted after the attack on the In Amenas gas plant by Islamist militants in January. Dudley did say that BP would continue to work with its JV partners Statoil and Sonatrach to bring the expansion projects online “a little later.”  Continue here | Click here to subscribe

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