Adoption of new hydrocarbons regulation in January 2013 could spur exploration in Algeria in the coming year, especially in offshore and unconventional acreages. We are nonetheless sceptical about the tax reform, which could prove burdensome for oil and gas producers. The next short-term challenge for
Algeria will be to alleviate the security concerns created by the In Amenas attack. In the meantime, start-up of the El Merk oil project, in May 2013, along with several gas projects to come online in the next few years, will help Algeria maintain its level of production.The key trends and developments in Algeria’s oil and gas sector are:
Anadarko’s El Merk oil project started production in line with planned scheduled throughout Q213. The project reached an output of 12, 000 barrels per day (b/d) in May, which is expected to peak at about 130,000b/d by the end of the year.
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The pick-up in drilling activity in the UK’s offshore sector will continue on the back of high oil prices and tax reforms that support gas production and development. This will slow the rate of decline, especially in UK gas production, though it will still be insufficient to prevent a rise in its import requirement owing to a policy focus on gas in the country’s energy mix. The embrace of shale gas, however, presents upside potential, though it is not likely to make a significant contribution to total gas output within
our 10-year forecast period to 2022. The main trends and developments we highlight in the UK oil and gas sector are:
Both oil and gas production continued to fall in 2012. Oil output fell below the 1mn barrels per day (b/d) mark to 999,100b/d – the UK’s lowest recorded level since the 1970s. The DECC estimates that gas production fell 13.85% y-o-y in 2012.
Get report on UK Oil & Gas Market @ http://www.rnrmarketresearch.com/united-kingdom-oil-and-gas-report-q3-2013-market-report.html.