Algeria experiences growth in energy investment despite fall in fuel export revenues

(MENAFN) Algeria's Minister of Energy, Mohamed Arkab, announced on Monday that investment in the country's energy sector surpassed nine billion dollars in 2023, marking an increase from the previous year's figure of eight billion dollars. However, despite this uptick in investment, fuel export revenues experienced a decline of 16 percent, totaling approximately USD50 billion in 2023, primarily attributed to the decrease in the average price of oil.

Minister Arkab highlighted the positive strides in Algeria's economic indicators, particularly in the realm of hydrocarbon production. Marketed production of hydrocarbons exhibited a notable uptick of 3.3 percent compared to 2022, reaching 169 million tons of oil equivalent. This improvement was underpinned by increased production across all materials, with a particular emphasis on natural gas. The minister attributed this rise to the commencement of exploitation activities in several reservoirs and fields.

Moreover, Minister Arkab noted a significant milestone in the form of new hydrocarbon discoveries throughout 2023. Approximately 15 discoveries were made during the year, with the majority credited to Sonatrach, Algeria's national oil and gas company. These discoveries signal continued exploration and investment efforts within the Algerian energy sector, contributing to the country's ongoing development and resilience in the face of fluctuating global energy markets.

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