Sonatrach Plans to Reinforce its Market Position

Wednesday, October 7, 2015

Rather than waiting for OPEC to heed its pleas to rein in production in an effort to increase oil prices,Algeria plans to reinforce its position in the international market on its own terms.

Speaking at a forum hosted by Sonatrach, company CEO Amine Mazouzi said,“Our objectives for medium-term investment over the period 2015-2019 are aimed at reinforcing Algeria’s position in international oil and gas markets while continuing to meet the needs of the steadily evolving domestic market.”

Mazouzi listed several key areas to the attendees that would require more investment; oil and gas exploration, efforts to maintain or increase production from existing fields, refining sector development, expansion of pipeline networks and LNG production capacity, and petrochemicals development.

Sonatrach, as the leader of the petroleum sector, plays a big role in bringing in revenues for the government and Mazouzi said the company was aware of the need for it to increase oil and gas reserves in an economic manner in order to raise production levels and respond to domestic and international energy demand to support Algeria’s economic growth.

He added that the state-run firm was aware of the need to control costs and the same strictures would also apply to contractors supplying goods and services to Sonatrach. “We will put special emphasis on time and project costs in the development phase.”

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