Energy Newsletter - September 2025

Natural gas

The gas market experienced slight variations in August. Spain reduced its total gas imports to 27,747 GWh, which is less than last month (30,949 GWh) but slightly more than in the same month last year (26,777 GWh). The United States once again became our leading supplier, providing 10,579 GWh — just ahead of Algeria, which provided 10,093 GWh. Over the last 12 months, both countries have alternated in first place, although Algeria has generally led the ranking, with substantial wides, especially in October, November and June. Russia is once again the third-largest supplier, as it has matched last month's figure; however, both Nigeria and, above all, Angola have seen a drop in their supply volumes. 

Nevertheless, the gap between the top two and Russia continues to widen. The US supplied 38% of the gas purchased by Spain (close to the 44% supplied in April, but far from the 53% supplied by Algeria in October). Algeria is a close second with 36%, despite its share growing by three points this past month. Russia (8%) continues its clear downward trend from the 24% it supplied in August last year. 

Year-on-year, Algeria's supply remains consistent, demonstrating its low dependence on external events. Unsurprisingly, the highest peak in recent months was in November (+44%), when trade relations were unblocked following the diplomatic crisis resulting from Spain's change of position on the Western Sahara. 

In terms of exports, there have been almost no changes compared to last month, except for a significant 50% drop in Portuguese purchases. Morocco remains the main destination, with demand stable at its highest level in the last twelve months. After several months of sharp decline, reaching 4,448 GWh in April, France remains at negligible consumption (80 GWh).

Morocco continues to increase its share of our exports, accounting for 41% of our international gas shipments. The sharp decline in exports to France is also boosting exports to Portugal, which now accounts for a quarter of our total. 

In interannual terms, demand in Morocco remains slightly volatile and has yet to exceed the 54% recorded in November. 

Crude Oil

Libya has experienced a growth of more than 100% compared to June, reaching its highest levels this year and surprisingly surpassing Brazil to become our country's fourth largest supplier, after the United States, Nigeria and Mexico (the first two of which are at record annual levels, and all following spectacular growth throughout this month). Algeria has maintained its supply level from last month and continues the upward trend it has experienced over the last twelve months, almost tripling its July 2024 levels.

Thus, except for Nigeria (increasing) and Brazil (falling), market shares are hardly changing significantly, although there is an increase in concentration among the top three suppliers, accounting for half of our crude oil. 

Electricity

The electricity market has seen little change compared to last month. There has been a significant increase in electricity received from France, which has definitively lost its mirror effect with respect to demand, which remains stable and is showing slight increases. Morocco continues to experience sustained growth in demand from its lowest levels in December last year, and our positive balance with respect to that country continues to increase (+448,669 GWh). 

News

• 01.09.2025. The Chinese Kibing Group will invest in Algeria in a solar glass project with a capacity of 1.5 million tonnes per year. The plant will be located in the wilaya of Djelfa and will strengthen the local renewable energy value chain. The project aims to supply both the domestic market and exports to Europe and Africa. [Algerie360]
• 01.09.2025. The president of Libya's NOC met with the US ambassador to discuss energy cooperation. The talks addressed potential US investments in hydrocarbon production and energy transition projects in the country. [LibyaReview]
• 01.09.2025. Algeria attracts interest from a Kuwaiti group for a large-scale green hydrogen project. Negotiations with Metro Holding Company seek to develop green hydrogen production and export capacities, as well as to cooperate on technology transfer and local training. [Algerie360]
• 02.09.2025. Algerian Minister of Hydrocarbons Mohamed Arkab welcomed Halliburton's Vice President for North Africa. The meeting explored possibilities for cooperation with Sonatrach in oil and gas exploration and development, oil services, and digital solutions. [APS]
• 03.09.2025. India significantly increases its purchase of Libyan crude oil. According to Bloomberg, this increase is part of US pressure on India to reduce its purchase of Russian oil. [LibyaObserver]
• 05.09.2025. NOC to organise the Libya-Africa International Gas Forum in Tripoli on 6 and 7 December 2025. The event will bring together companies, researchers, investors and authorities to discuss opportunities in oil and gas exploration, production and export. [LibyaHerald]
• 08.09.2025. Algeria and its OPEC+ partners reaffirmed their commitment to stability in the energy market. The seven OPEC+ countries will increase production by 137,000 barrels per day starting in October. [APS]
• 08.09.2025. Libya and Iraq move forward in exploring oil and gas cooperation. The meeting of ministers from the sector seeks to exchange technical experiences and promote joint investments in exploration and refining. [LibyaObserver]
• 09.09.2025. Morocco and Mauritania seek to strengthen their energy cooperation with joint projects on electricity interconnection and renewable energies. The meeting between ministers from the sector took place within the framework of the “Mauritanides” business fair. [Cridem]
• 09.09.2025. Mauritania signed two international agreements to develop green ammonia and hydrogen projects. Both agreements were signed by the Minister of Energy and Petroleum with Hong Kong-based UEG and Poland's Hynfra. [SaharaMedia]
• 09.09.2025. Egyptian electricity company Elsewedy Electric announced a multi-million dollar investment in Algeria. The $2.5 billion operation is five times the Egyptian company's current investment in the country. [AGBI]
• 13.09.2025. The Mauritanian government signed a public-private partnership contract to build a 60 MW hybrid solar-wind power plant. Developed in partnership with Ewa Green Energy, this is the first public-private project and seeks to reduce dependence on fossil fuels without resorting to foreign debt. [AMI]
• 13.09.2025. Libya and Nigeria have revived a mega gas pipeline project to Europe. The meeting between the oil ministers of both countries considered the resumption of technical studies and the search for international financing for a much shorter pipeline than the alternatives through Algeria or the Atlantic coast (promoted by Morocco). [LibyaObserver]
• 14.09.2025. Algerian President Abdelmadjid Tebboune appointed a new cabinet. Mohamed Arkab retains the Hydrocarbons and Mines portfolio, while a new Ministry of Energy and Renewable Energy is created, headed by Morad Adjal, until now CEO of Sonelgaz. This institutional change reflects the desire to give greater weight to the energy transition on the government's agenda. [TSA]