Algeria's Tebboune Announces Youth Unemployment Benefit

Algerian President Abdelmadjid Tebboune. Reuters
Algerian President Abdelmadjid Tebboune. Reuters
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Algeria's Tebboune Announces Youth Unemployment Benefit

Algerian President Abdelmadjid Tebboune. Reuters
Algerian President Abdelmadjid Tebboune. Reuters

Algerian President Abdelmadjid Tebboune said Tuesday that the government would introduce youth unemployment benefits as the country struggles with a jobless rate of almost 15 percent.

The payments will be made "to preserve the dignity of young people", Tebboune said in an interview broadcast on Algerian television.

The allowance of 13,000 dinars ($92) -- equivalent to nearly two-thirds the minimum wage of 20,000 dinars ($142) -- will begin in March, AFP reported.

It will be accompanied by medical benefits, while some taxes on consumer products will also be suspended, Tebboune said.

Algeria, Africa's biggest gas exporter with around 45 million people, earns some 90 percent of its state revenues from hydrocarbons.

Tebboune said the youth payments were part of the 2022 budget.

In November, lawmakers voted to scrap generous state subsidies on basic goods that had long helped maintain social peace, but that had strained state budgets as energy revenues fell.



Egypt: BP Completes 2 New Gas Wells in Raven Field

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
TT

Egypt: BP Completes 2 New Gas Wells in Raven Field

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 

British Petroleum (BP) has successfully completed two additional gas wells in the Raven Field, part of its significant West Nile Delta (WND) development off Egypt’s Mediterranean coast, the Ministry of Petroleum announced in a statement on Sunday.
The drilling was carried out using the Valaris DS-12 drillship, which began operations in mid-2024.
In a statement received by Asharq Al-Awsat, the Ministry said subsea activities are currently ongoing to tie the two wells to the existing network in the Mediterranean, paving the way for production to commence.
Gas production is now expected to begin in February 2025, three months ahead of schedule, following expedited drilling and installation efforts.
“After completing operations at Raven, the Valaris DS-12 has moved on to the King exploration area, where it will target natural gas in the Lower Miocene layer,” the Ministry said.
It added that the reservoir is anticipated to be reached by late February 2025.
The proximity of the King area to BP’s existing West Nile Delta infrastructure will facilitate a seamless connection to the company’s production facilities, supporting Egypt’s broader strategy to boost local gas output.
This development is part of the Ministry of Petroleum’s wider initiative to expand offshore drilling in the Mediterranean.
Recent projects include Chevron’s Khanjar-1, ExxonMobil’s Nefertari-1, BP’s Raven field operations, and Eni’s resumed drilling at the Zohr field.
These efforts are crucial to strengthening Egypt’s position as a regional energy hub, the Ministry said.