Page 11 - AfrOil Week 25

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Berber flag protest prompts arrests
e Algerian security forces arrested 18 people waving a Berber ag during protests on June 23. Asharq Al-awsat reported they had been detained during the weekly protests on June 21, demonstrations happen every Friday. e former president, Abdelaziz Boute ika, resigned in April in the face of such protests but they have continued – in protest at what is seen as a compromised elite ruling class.
e protestors arrested for waving the Berber ag were accused of “undermining national unity” and could – if found guilty – receive 10 years in prison.
e head of the army, Ahmed Gaid Salah, has banned protestors from waving any non- Algerian ags during protests. e Berbers have long complained of being marginalised in Algeria.
ADES secures new contract
in Egypt and extends
contract in Algeria
ADES International Holding, a leading
oil & gas drilling and production services provider in the Middle East and North Africa (MENA) through its subsidiaries, is pleased to announce that it has been awarded a new two- year contract for its ADMARINE IV o shore
jack-up rig in Egypt and has signed a one-year contract extension for its onshore rig RIG 828 in Algeria.
e ADMARINE IV contract was awarded by a leading Egyptian energy company through tendering and has a term of an initial one-year engagement, with an option to extend for another year at the same rates.
In Algeria, the existing contract of RIG 828 (recently acquired from Weatherford) was extended for a one-year engagement under the same terms and will run through June 2020.
Commenting on the contract awards, Dr. Mohamed Farouk, Chief Executive O cer of ADES International Holding, said:
“Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES’ business model that focuses on providing tailored solutions and superior services in a highly competitive market. We are also particularly pleased
with the extension for Rig 828 in Algeria which is a strong endorsement of our client’s con dence and demonstrates our ability to build value from recent acquisitions. ese new agreements further underpin our revenue visibility and are aligned with ADES’ focus on delivering organic growth.”
aDEs IntERnatIonal HolDIng, june 24, 2019
Israel gas price warning for Egypt
CI Capital, an Egyptian investment bank, has estimated the cost of buying gas from Israel’s Delek Drilling to be US$7.5-8 per mmBtu. Domestic production costs around US$1.75-
3.5 per mmBtu, it said.
Mada Masr quoted analysts as saying the
deal to import Israeli gas “does not appear to be in Egypt’s economic interest, with the cost to Egypt of imported Israeli gas signi cantly higher than locally produced gas”. Prices in Egypt have already been going up, rising by around 50% since the government began cutting back support, and this direction is likely to continue.
Calls to shutdown oil
production risk escalating
Libyan crisis
National Oil Corporation (NOC) is concerned by recent calls for the shutdown of national
oil production. is crucial source of income to the state, vital to all Libyans, must remain de-politicised and uninterrupted to ensure that basic fundamental services are nanced and continue to be provided to citizens across the country.
Any deliberate disruption of oil sector operations will severely impact national revenue streams, potentially render NOC
in contravention of contractual obligations, and create further division in the country. Admissions of attempts to export oil illegally, in contravention of international law and United Nations Security Council resolutions, should be called out and condemned. ese attempts deter further investment in the
oil sector and jeopardise our future. NOC continues to call for economic transparency – including the equitable distribution of oil revenues nationally – to be embraced by all parties as an integral element of Libya’s future stability, and any lasting political settlement. noC, june 22, 2019
Sanalla: integrity of Libyan
state depends on oil sector
unity
Preservation of the Libyan state depends on oil sector unity and adherence to international law, said National Oil Corporation (NOC) chairman Eng. Mustafa Sanalla yesterday. Speaking at the annual Oslo Forum in Norway, a symposium for con ict mediators co-hosted by the Norwegian Ministry
of Foreign A airs and the Centre for Humanitarian Dialogue, Sanalla highlighted how the Libyan con ict is directly impacting the oil sector and the country.
“ e collapse of the oil sector would
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