Algeria's energy earnings rose 15.27% in 2018 from the previous year due to higher global oil prices, the government said on Feb. 9.
Stronger revenues helped to reduce the OPEC member's trade deficit by 53.73% to $5.03 billion in 2018, according to customs figures.
Oil and gas exports, which accounted for 93.13% of total sales abroad, reached $38.34 billion, up from $33.26 billion in 2017, the figures showed.
The overall value of exports stood at $41.17 billion compared with $35.19 billion in 2017. Imports rose 0.3% to $46.20 billion in 2018, the customs data showed.
Algeria has failed to reduce spending on imports despite import restrictions on some goods, including foodstuffs.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Blackstone Energy Partners made an equity commitment of $500 million in Waterfield Midstream, a Permian Basin oil and gas water management platform.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.