2013 proved a tumultuous year for Northern Africa. Political instability reduced production in all countries, most notably oil production in Libya. Unsurprisingly, investment in the region was down 15% on 2012 levels. Egypt yielded the biggest discovery with the Salamat gas-condensate field which could be up to 10 tcf. Sinopec’s acquisition of a 33% stake in Apache Egypt for US$2.95 billion was the biggest deal in the region for many years.
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Libyan oil production plunges, whilst Algerian and Egyptian gas production decline