Algeria's Sonatrach makes new oil discovery in Adrar province

Algeria's state-owned company Sonatrach has made a new oil discovery at the Hassi Illatou well in the Sbaa region of Adrar province, news agency APS reported on Thursday.

The initial estimated volumes of this discovery stand at 151 million barrels of oil.

This is a "very promising" result that will lead to further hydrocarbon exploration activities in the province of Adrar, APS reported.

The discovery was made 28 years after the last oil discovery at Foukroun in the Sbaa area, the report said.

The North African country, a member of Opec, relies heavily on oil and gas for its state revenue. Algeria is Africa's biggest gas exporter and supplies about 11 per cent of the natural gas consumed in Europe.

Algerian oil production in September will rise to 1.57 million barrels per day after a decision by the Opec+ bloc to raise its output by 100,000 bpd, Reuters quoted Algerian Energy Minister Mohamed Arkab as saying earlier this month.

Last month, Sonatrach finalised an agreeement with French oil company TotalEnergies, Occidental and Italy's Eni to extend a production-sharing contract for a period of 25 years for onshore blocks in the eastern part of the North African country.

The four companies will invest $4 billion in the perimeter of Berkine to produce one billion of oil equivalent barrels, Reuters reported, citing Sonatrach chief executive Tewfik Hakkar.

Sonatrach, which reported a turnover of $34.5bn last year, recorded an increase in production of 5 per cent, as well as a jump in its exports of about 18 per cent last year.

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Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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