Eni-PTTEP partnership awarded Reggane II gas block in Algeria
Eni will serve as operator of the block with a 66 percent participating interest, while PTTEP AG holds the remaining 34 percent, parent PTTEP said in a stock exchange statement.
A Production Sharing Contract (PSC) for the block will be signed at a later date, the Stock Exchange of Thailand (SET)-listed company said.
Located in southwest Algeria, the Reggane II Block spans approximately 40,828 square kilometres (sq km) and includes both discovered gas fields and areas with further exploration potential.
PTTEP stated that the investment aligns with its growth strategy in key strategic focus areas and will enhance its upstream portfolio in Algeria, where the company is expanding its presence in the gas sector.
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
a day ago
- Zawya
Ooredoo Kuwait Group reported a strong 6% growth in revenue to reach KWD 367mln in H1 2025
Nasser bin Hamad bin Nasser Al Thani: I have full confidence in our team's ability to capitalize on our strong results and execute our strategic priorities We will continue investing in our network to ensure high-quality service and strengthen customer trust Abdulaziz Yaqoub Al-Babtain: Our strategic partnerships with both public and private sectors played a key role in achieving these outstanding results We remain committed to our approach centered on operational efficiency, digital transformation, and sustainable innovation. Kuwait City, Kuwait: National Mobile Telecommunications Company K.S.C.P 'Ooredoo' (Ticker: OOREDOO) announced today its financial results for the six-month period ended 30 June 2025: Financial Highlights: Year on Year (YoY) – H1 2025 vs H1 2024 Consolidated revenue increased by a healthy 6% to KWD 367 million in H1 2025, compared to KWD 346 million in H1 2024. Revenue growth was supported by the strong operational performance in Algeria, Tunisia and Kuwait. Consolidated customer base increased by 4% to 26.4 million in H1 2025 compared to 25.5 million in H1 2024. EBITDA increased by 19% in H1 2025 to reach KWD 148 million compared to KWD 125 million in H1 2024. Normalizing for the impact of the one-off bad debt provision raised in H1 2024, EBITDA increased by a strong 14% YoY. Net profit attributable to NMTC increased by 65% to reach KWD 42 million in H1 2025 from KWD 25 million in H1 2024. Normalizing for the impact of the one-off bad debt provision raised in H1 2024, Net profit attributable to NMTC increased by a healthy 38% YoY. The consolidated earnings per share were 83 fils in H1 2025, compared to 50 fils earned in H1 2024. Sheikh Nasser Bin Hamad Al Thani, Chairman of the Board of Directors commented: 'NMTC maintained a solid growth trajectory into the first half of 2025 with particularly strong performances in Algeria, Tunisia and Kuwait. For H1 2025 we achieved a strong consolidated revenue growth of 6% YoY to KWD 367 million. Profitability continued to strengthen over the first half of 2025. EBITDA grew by 19% YoY to KWD 148 million with a corresponding EBITDA margin of 40%, while Net profit attributable to NMTC increased by a healthy 65% YoY to KWD 42 million. Normalizing for the impact of the one-off bad debt provision raised in H1 2024, Net profit attributable to NMTC increased by a healthy 38% YoY. Our ongoing investments in network enhancements and customer satisfaction have contributed to the solid performance in H1 2025. The team remains committed to innovation and operational improvements to consistently deliver a high-quality customer experience, resulting in a 4% YoY increase in our customer base to 26.4 million. Looking at the second half of the year, we will continue to invest in our network to provide high-quality connectivity, and to drive customer satisfaction through sales and service excellence. I remain confident in the team's ability to build on this solid performance, execute our strategic priorities, further enhance profitability, and position NMTC on a sustainable path for long-term, profitable growth. Commenting on the financial results for the first half of 2025, Mr. Abdulaziz Yaqoub Al-Babtain, Chief Executive Officer of Ooredoo Kuwait, stated: 'These positive results reflect the effectiveness of our long-term strategy, which focuses on operational efficiency, digital transformation, and sustainable innovation, with the customer experience at the heart of everything we do. The first half of this year marked a qualitative leap on several levels, including infrastructure enhancements, the expansion of strategic partnerships, high levels of customer satisfaction, and a series of prestigious local and international awards.' 'We concluded this period with a major technological milestone, the successful launch of our 5G Advanced network,' Al-Babtain added. 'This was accompanied by a series of innovative promotional campaigns, the first of their kind in the regional telecom sector, reflecting our leadership in delivering next-generation technologies while keeping the customer at the center of our innovation ecosystem.' He also highlighted the vital role of strategic partnerships at the beginning of this year. 'We strengthened our collaboration with global tech leaders in AI, such as NVIDIA, and launched several key initiatives with our success partners across both the private and public sectors. We are confidently progressing toward integrating AI into our services to boost efficiency and improve service quality.' On the value-added front for customers, Al-Babtain noted that Ooredoo Kuwait expanded its partnerships with leading companies in the retail, entertainment, and consumer goods sectors to further develop the flagship loyalty program Nojoom. 'Today, Nojoom is the most widely used and comprehensive program of its kind in Kuwait and the region. We've ensured it reflects modern lifestyles by offering daily rewards and a partnership network that enhances the customer experience and overall quality of life.' He also affirmed that having a balanced and integrated Board of Directors demonstrates the company's continued commitment to driving growth and innovation. 'The diverse expertise of our Board members strengthens our competitive edge, fosters a culture of inclusivity and innovation, and cultivates a workplace environment that supports both professional and personal development, pushing institutional excellence.' Al-Babtain added: 'We believe the steps we've taken toward sustained performance growth are fully aligned with our strategy, which has laid a solid foundation for our ambitious vision. We are pursuing this vision with a pioneering, innovative team, guided by our principles of corporate sustainability and reinforcing our position as a regional leader in digital transformation.' He also expressed pride in Ooredoo's teams across all departments, emphasizing that people are the true driving force behind the company's success. 'Thanks to our teams' dedication and our commitment to nurturing national talent,' he said, 'we've been recognized as one of the most inspiring workplaces and have received eight prestigious Stevie® Awards a testament to our excellence in digital innovation, app development, and digital platforms.' He concluded by reaffirming Ooredoo's commitment to executing its strategic plan, which is built around five core pillars: delivering exceptional customer experience, empowering national human capital, accelerating innovation, enhancing the efficiency of core operations, and placing the customer at the center of every decision. He said: 'Our journey continues and with it, our mission remains clear: We are here to upgrade the world of every customer. We look forward to a smarter, more connected future where we continue making a positive impact on our customers, partners, and community.' Review of Operations The Group's operational performance can be summarised as follows: Ooredoo – Kuwait Ooredoo Kuwait customer base increased by 1.3% to reach 2.9 million customers in H1 2025. The company's revenue increased by 1% to KWD 133 million in H1 2025. Additionally, EBITDA surged by 31% to KWD 45 million in H1 2025, up from KWD 34 million in H1 2024. EBITDA for H1 2024 was impacted by a one-off bad debt provision raised in line with standard company policy. When normalizing for this one-off provision, EBITDA grew by 14% YoY. Ooredoo – Tunisia In H1 2025 Ooredoo, Tunisia's customer base increased by 2%, reaching a total of 7.0 million customers. Revenue increased by 9% to KWD 67 million, compared to KWD 62 million in H1 2024. EBITDA for H1 2025 increased by 12% to KWD 28 million compared to KWD 25 million in H1 2024. Ooredoo – Algeria In H1 of 2025, Ooredoo Algeria's customer base increased by 6%, reaching a total of 14.5 million customers. Revenue for H1 2025 rose by 14% to KWD 129 million, compared to KWD 114 million in H1 2024. EBITDA increased by 21%, reaching KWD 58 million in H1 2025 compared to KWD 47 million in H1 2024. Ooredoo – Palestine In H1 2025, Ooredoo Palestine customer base stood at 1.5 million customers. Revenue decreased in H1 2025 to KWD 16 million and EBITDA decreased to KWD 6 million for the same period. The performance continued to be impacted by the ongoing conflict in Gaza and the West Bank. Ooredoo - Maldives In H1 2025, Ooredoo Maldives' customer base increased by 4% to 418 thousand customers. Revenue for H1 2025 was KWD 22 million, while EBITDA stood at KWD 12 million. For more information, please visit -Ends- For Media Inquiries: Ooredoo (NMTC) Naser AlArfaj , PR & Media PO Box 613, Safat 13007, Kuwait E-mail: nalarfaj@ About Ooredoo Kuwait (NMTC) Commercially launched in December 1999, the Company's share price as of 30 June 2025 was KWD 1.093, giving a market valuation for Ooredoo (NMTC) of KWD 0.5 billion.
Zawya
2 days ago
- Zawya
Angola's National Oil, Gas & Biofuels Agency (ANPG) Drives Ambitious Investment Strategy, Joins African Energy Week (AEW) 2025 as Diamond Partner
Angola's upstream regulator the National Oil, Gas&Biofuels Agency (ANPG) has joined Africa's largest energy event – African Energy Week (AEW): Invest in African Energies – as a Diamond Partner. The ANPG's participation comes as Angola witnesses a $60 billion investment drive across its upstream oil and gas industry between 2025 and 2030, led by a series of ambitious exploration and production projects. As the country strives to sustain oil production above one million barrels per day (bpd) while diversifying the industry through non-associated gas development, AEW: Invest in African Energies 2025 will serve as a vital platform for advancing investment across Angola's blocks. Angola's upstream capital expenditure drive is largely accredited to the ANPG's multi-year licensing strategy – launched in 2019 -, which laid the foundation for greater investment in both brownfield and greenfield blocks. Through this strategy, the ANPG aims to award 50 concessions by 2025, with 30 new concessions already awarded to date. Currently, the ANPG is preparing to launch its next licensing round in 2025, offering ten blocks for investment in the offshore Kwanza and Benguela basins. At AEW: Invest in African Energies 2025, insights into this licensing strategy will support future investments in Angola. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Beyond the multi-year licensing strategy, the ANPG has introduced a series of flexible investment structures that enable operators to invest in Angolan blocks out of the confines of traditional bid rounds. Through its permanent offer program, the ANPG has enticed spending across blocks that have not been awarded under the bid rounds. At present, up to 11 blocks are available on direct negotiation. Meanwhile, the country also launched five marginal fields for investment in 2024. These fields are suited for smaller players seeking near-term production and are situated in producing blocks with proven petroleum systems. The ANPG also introduced an Incremental Production Initiative in 2024, aimed at enticing investment in producing and maturing assets. The program features improved fiscals for operators seeking to reinvest in ageing assets and has already yielded positive results. Energy major ExxonMobil, for example, made a discovery at the Likember-01 well in 2024. This find represented the first under the initiative. These investment structures have laid the groundwork for billion-dollar projects in Angola. Between 2025 and 2028, the country expects several major projects to come online. These include the Cabinda Oil Refinery (2025); the Agogo Integrated West Hub Development (2025); the New Gas Consortium's non-associated gas project (2026); and the Kaminho Deepwater Development (2028). The country is also spearheading onshore exploration with the aim of revitalizing production across inland basins. A range of onshore contracts have been signed by the ANPG and international operators in recent months, covering strategic acreage in the onshore Kwanza and Lower Congo basins. The ANPG also signed deals with XTG and ReconAfrica for exploration rights in the frontier Etosha-Okavango basin, with the companies targeting play-opening discoveries. As sub-Saharan Africa's second largest oil producer, Angola is also making forays into non-associated gas development. With the majority of the country's gas developed through associated projects, the country is targeting gas-focused exploration wells under efforts to enhance feedstock for the Angola LNG plant, increase LPG production and support long-term economic growth through gas-to-power, petrochemicals and job creation opportunities. In July 2025, project partners at Block 1/14 in the Lower Congo basin made a new gas discovery at the Gajajeira-01 exploration well. Initial assessments suggest reserves of up to one trillion cubic feet of gas and up to 100 million barrels of associated condensate. An upcoming Gas Master Plan – offering a comprehensive guide to investing in Angola's gas industry – is expected to further support discoveries of this nature, affirming the country's position as a major gas producer. 'The ANPG's investment strategy is one that should be replicated across various African countries. It's multi-year licensing round offers recurring opportunities for companies to invest in onshore and offshore blocks while its permanent offer program introduces flexibility for operators. Marginal fields entice smaller players to invest while incremental production encourages spending in producing assets. This strategy has already led to large-scale projects and will continue to strengthen Angola's oil and gas market for years to come,' states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
3 days ago
- Zawya
OPEC+ panel likely to keep oil policy steady on Monday, sources say
An OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. The meeting of the Joint Ministerial Monitoring Committee (JMMC), which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, is scheduled for 1200 GMT on Monday. Four OPEC+ sources told Reuters the meeting is unlikely to alter the group's existing policy, which calls for eight members to raise output by 548,000 barrels per day in August. Another source said it was too early to say. OPEC and the Saudi government communications office did not respond to a request for comment. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more to help keep a lid on gasoline prices. The eight OPEC+ producers hold a separate meeting on August 3 and remain likely to agree to a further 548,000 bpd increase for September, three of the sources said, as reported by Reuters earlier this month. This would mean that, by September, OPEC+ will have unwound their most recent production cut of 2.2 million bpd, and the United Arab Emirates will have delivered a 300,000 bpd quota increase ahead of schedule. The JMMC meets every two months and can recommend changes to OPEC+ output policy. Oil prices have remained supported despite the OPEC+ increases thanks to summer demand and the fact that some members have not raised production as much as the headline quota hikes have called for. Brent crude was trading close to $70 a barrel on Friday. (Addiitonal reporting by Yousef Saba; Editing by David Holmes)
