Petroleum Africa
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Wednesday, February 25, 2015
Algeria has big plans in the coming five years for its petroleum sector, both upstream and downstream. On the upstream end the government said that it is planning to drill its first offshore well prior to the end of 2015. The offshore well is part of the country’s goal of boosting its reserves and production.
Minister of Mines and Energy, Youcef Yousfi told a forum organized by state radio, “We have finished seismic studies,” adding that new onshore oil and gas fields would also start production in the next few years.
The country’s state-owned oil and gas firm Sonatrach will also host a licensing round this year with improved terms; it is expected to take place in Q3 2015.
On the downstream end, Algeria boosted its refining output in 2014 to 31 million tons and now is aiming to double that by 2020. Five new refineries are in the works according to Yousfi, as the government works to meet growing capacity needs. “We are still developing our capacity to meet citizens’ needs,” Yousfi said.
Zoubida Benmoufouk, head of the refining department at Sonatrach, said that both diesel and petrol output would double to 9 million tons and 8 million respectively in 2018.
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