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business new africa bna/IntelliNews

bna/IntelliNews, 10 February 2023
Algeria to host GECF’s

Gas Research Institute

Algeria, a member of the Gas Exporting Coun-
tries Forum (GECF), is set to host the headquar-
ters of the organisation’s Gas Research Institute
(GRI) following the signing of an agreement
between the Government and the GECF. The
technology center will enable GECF members to
cooperate on research and development regard-
ing innovative gas technology breakthroughs to
enhance the industry. Algeria will host various
initiatives including scientific research, technol-
ogy transfer and sharing of best practices among
GECF members and global partners to optimise
operations across the entire gas value chain.
GECF’s Secretary General Mohamed Hamel
stated: “GRI will progressively be a platform
for cooperation on technology and a vehicle to in the Transkei/Algoa exploration contract and Fuel Pricing Committee, which reviews fuel
develop partnerships with research centers and little in the Wild Coast in Morgan’s Bay and St prices quarterly.
universities of member countries and other sim- John’s Port. As such, LBC Nelson Mandela has Although global oil prices remain subdued,
ilar institutions from around the world.” urged the municipal government to kickstart oil trending lower over the past few months, the
The decision for Algeria to host the GRI and gas exploration discussions and activities government committee might feel compelled to
follows the country’s gas exports reaching a in the Algoa Bay with relevant parties includ- raise domestic fuel prices to gradually compen-
new peak of 56bn cubic meters in 2022 as both ing Shell, and regulatory and environmental sate for the sharp 25% depreciation of the official
production and demand soared owing to the authorities. exchange rate of the Egyptian pound against
Russian-Ukraine war, energy transition-related The call comes at a time when the unemploy- major currencies.
policies and increases in economic activity post ment rate in the bay is estimated at 36.4% and During its scheduled quarterly meeting in
COVID-19. small businesses are continuing to close due to January, the committee put the subsidy-neutral
Algeria has also kickstarted a number of lack of investments. However, South Africa’s esti- price of fuel produced domestically at EGP18
measures, including signing a number of mem- mated oil and gas resources are measured at 27bn ($0.60) per litre of gasoline. The fuel pricing
oranda of understandings to maximise explo- barrels and 60 trillion cubic feet respectively, and mechanism caps price movement within the
ration, production and the monetisation of have the potential to unlock approximately $10- range of ±10% of the existing prices in the pre-
gas with Italian major Eni, as well as with the 20 trillion in government revenue through 2050, vious period. Currently, the fuel price Egyptian
Algerian government for the Maghreb-Europe thereby ensuring economic expansion while drivers pay at the pump is EGP8 ($0.26) per litre
(GME) Gas Pipeline to enhance its capabilities driving the country’s net-zero initiatives. of 80-octane gasoline, EGP9.25 ($0.30) per litre
within the gas industry. “What is key to this is that these oil and gas of 92-octane gasoline and EGP10.75 ($0.35) per
Energy Capital & Power, 09 February 2023 deposits need to be proven through precise seis- litre of 95-octane gasoline.
mic exploration. As the LBC, we officially declare bna/IntelliNews, 10 February 2023
Nelson Mandela Bay our support for oil and gas exploration in Algoa NCDMB sensitises host
Bay,” the press release read.
LBC calls for oil and gas Energy Capital & Power, 14 February 2023 communities on Community
market revitalisation POLICY

The Local Business Committee (LBC) Nelson Content Guidelines
Mandela Bay has called for the South African Egyptian government In line with the key objective of the Nigerian
government to maximise opportunities within Content Development and Monitoring Board
the municipality’s oil and gas sector to boost the poised to hike motor (NCDMB) to systematically grow in-country
economy and address energy market challenges. value addition through development of local
In a press statement, the organisation stated fuel prices 10% within capacity and capabilities, the Board conducted a
that Nelson Mandela Bay’s oil and gas resources one-day series workshops for contractors, youths
– which remain largely untapped – coupled with the next week and host communities on the Community Con-
the municipality’s strategic location and ship- tent Guidelines for Imo and Delta States.
ping industry has the potential to address loom- The Egyptian government is poised to hike The workshop was aimed at enlightening
ing unemployment rates and drive foreign direct administratively decided vehicle fuel prices host communities of their rights, obligations
investments and revenue expansion. by 10% within the next week, the official Eng- and privileges in order to increase local capacity
However, exploration activities in the munic- lish-language newspaper Al-Ahram reported, and community participation in the oil and gas
ipality have been slow, with no recent activities citing sources from the government’s Automatic industry in line with the Board’s mandate.

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