Petroleum Africa
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Monday, December 30, 2013
At its recent general assembly meeting, Algeria’s Sonatrach said its oil and gas production is expected to increase over the next five years. A production increase will reverse the decline the country has seen in its number one income generator over the past few years.
On the sidelines of the meeting, Sonatrach’s head Abdelhamid Zerguine said the country’s hydrocarbons production was “showing signs of recovery.”
According to OPEC data the country’s production levels are sitting at about 1.1 million bpd, down about 15% over the 2005 to 2010 period.
Zerguine hinted that the decline in production was due to the foreign companies operating there; the opening of Algeria’s upstream sector to foreign companies led to “the award of some permits to small companies without the necessary financial capacity,” who are overstretched and had to relinquish their licenses, Zerguine said, without naming any specific companies.
He did not name the ongoing safety and security issues in the country as a cause for the production decline.
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