Algeria expects big increase in gas output with new discoveries
Date
5/30/2024 8:08:53 AM
(MENAFN) Algeria's energy Minister, Mohamed Arkab, recently revealed ambitious plans to substantially increase the country's gas production in the medium term. According to Arkab, Algeria aims to ramp up its gas production to 200 billion cubic meters, a significant increase from the 137 billion cubic meters produced in 2023. This expansion is fueled by the discovery of eight new gas fields this year, which are expected to bolster production and augment the nation's hydrocarbon reserves, particularly natural gas, which plays a pivotal role in Algeria's economy.
Arkab highlighted the strategic significance of these recent discoveries, emphasizing that state-owned energy giant Sonatrach has identified substantial potential in key locations such as Bashar, Ain Salah, Djanet, Illizi, and Ouargla. These discoveries are poised to contribute significantly to Algeria's energy landscape and further solidify its position as a key player in the global energy market.
In addition to the focus on exploration and production, Arkab underscored Algeria's commitment to fostering an attractive investment climate in the hydrocarbons sector. He noted that Algeria's hydrocarbons law, aligned with international standards, has attracted investment from major international companies such as Equinor, Eni, and Occidental Petroleum. These collaborations have resulted in substantial contracts for the development and production of hydrocarbons, highlighting Algeria's attractiveness as a destination for foreign investment in the energy sector.
Furthermore, Arkab reiterated Algeria's reliability as a supplier of natural gas and oil, with long-term contracts in place for export to European and Asian markets. These contracts underscore Algeria's role as a dependable partner in meeting the energy needs of global markets while also promoting economic stability and growth domestically.
Overall, Algeria's ambitious plans for increasing gas production, coupled with its favorable investment climate and reliability as an energy exporter, position the country as a key player in the global energy landscape and underline its commitment to sustainable development and economic prosperity.
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