Petrofac Ltd., the U.K. oil and gas services provider, expects “modest” growth in profit this year after the startup of the In Salah gas project in Algeria was pushed back into the second half.
Electricite de France SA, Europe’s biggest generator, has obtained through arbitration lower prices for natural gas in a contract between Italian unit Edison SpA and Algeria’s Sonatrach.
Statoil ASA, Norway’s biggest energy company, said profits fell by 29 percent in the first quarter on lower oil and gas output in Norway, Brazil and as a terrorist attack shut a facility in Algeria.
Electricite de France SA, Europe’s biggest generator, reported a 12 percent gain in first-quarter sales after an Italian acquisition and said profit will rise in the second half on cost savings and improved atomic output.
Amar Kouiten’s life has fallen apart since he lost his job last year as machine operator at an Algerian gas-liquification plant.
Gas Natural SDG SA Chief Executive Officer Rafael Villaseca said Sonatrach must accept “market reality” in their dispute over the price of gas.
Algeria may favor state-owned Sonatrach over TNK-BP should BP Plc decide to sell its Algerian assets, Russia’s Energy Minister said.
Libya, holder of Africa’s largest crude reserves, made an oil and natural gas discovery in the Ghadames basin southwest of Tripoli, according to its state-run oil company.
Algeria signed accords with Norway and Qatar to build fertilizer factories as growing populations boost food demand, spurring farmers to plant more crops.
Sonatrach, Algeria’s state-run energy group, plans to invest $80 billion in oil and natural gas projects from 2012 to 2016, Chief Executive Officer Abdelhamid Zerguine said.