Petroleum Africa
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Friday, July 14, 2017
Speaking at the World Petroleum Congress (WPC) taking place in Istanbul, Abdelmoumen Ould Kaddour, the head of Algerian state-run oil and gas firm Sonatrach, said that his country plans to increase its natural gas production. Kaddour told attendees at WPC that despite the fact Algeria’s current LNG capacity is ample to meet demand, it still plans to increase capacity.
While Sonatrach is keen to increase its natural gas production, it is also keen to keep exploration and production costs down in the current market environment. Kaddour, referring to operating when the per barrel price is low, said that every dollar is important for the company.
“That’s why we must be careful in terms of research. We need to be particularly optimistic about drilling,” he said.
Algeria will be introducing a new hydrocarbon law in 2018 in an effort to boost investment in the petroleum sector, which has lagged significantly for a number of years following the implementation of a windfall tax.
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