Petroleum Africa
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Monday, December 8, 2014
Sonatrach, Algeria’s oil and gas firm, is looking to pick up the exploration pace over the next five years. The company said that it is targeting 125 wells drilled and an increase in production targeted at 225 million tons of oil equivalent by 2019.
Algeria needs to pick of the exploration pace as over the last few years its production has stagnated due to lack of new investment in the oil and gas sector. The lack of new investment can be directly attributed to unattractive terms instituted by the government.
At an industry event that took place in Algiers, Sonatrach’s interim chief Said Sahnoun said that the company would invest about $80 billion between next year and 2019 to boost production and does not expect lower oil prices to affect spending plans. “I remain optimistic about our energy output for the coming years, and we are ready to work with all of our partners,” he said.
No details on proposals Algeria will make to improve terms were offered up by Sahnoun, although it is thought that more changes to the hydrocarbon laws are on the drawing board.
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