- More than $30 billion will be allocated to exploration and production both in the short and medium term and for preparing a portfolio of future projects, for natural gas in particular.
CEO of Sonatrach, Toufik Hakkar has revealed that the group plans to invest more than $30 billion in the exploration and production of hydrocarbons. Algeria’s state-owned company’s five-year investment plan (2023-2027) has an outlay of $40 billion. Out of that, more than $30 billion will be allocated to exploration and production both in the short and medium term and for preparing a portfolio of future projects, for natural gas in particular, Hakkar added. According to Algeria Press Service, the investments will boost energy security and ensure reliable supply to the global market.
In order to promote value addition and exports, Sonatrach also plans to invest more than $7 billion in refining, petrochemical and gas liquefaction projects. For the Energy transition, the country has allocated almost $1 billion.
Last year, Sonatrach announced a significant new gas discovery at its biggest gas field which is expected to add around 3.65 billion cubic metres (bcm) to annual production starting in November.
Also read;
https://trendsnafrica.com/sonatrach-gas-output-to-surge-by-10-billion-cubic-metres-by-2023/
https://trendsnafrica.com/sonatrach-to-invest-in-onshore-blocks/
After Algeria, Africa’s number one gas producer and number three oil producer adopted a new hydrocarbons law in January 2020, several contracts with foreign energy companies were signed. With the disruption to the global supply of gas and oil caused by the Ukraine war, Algeria’s total gas exports hit a record high of 56 bcm last year. Its exports to several European countries recorded a significant rise,
