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.
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.
Although Halcón Resources' assets are in the Permian Basin, Wall Street values its land at less than $5,000 an acre, compared with peers whose land is valued above $20,000 an acre, says Fir Tree.