Petroleum Africa
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Friday, May 29, 2015
Algeria’s Prime Minister, Abdelmalek Sellal, is calling on Sonatrach to invest more in oil and gas development in order to raise output amid market uncertainties. “The continued exploitation and monetization of hydrocarbons is a strategic objective,” Sellal said during an afternoon meeting in Algiers with energy sector executives including Sonatrach’s new CEO, Amine Mazouzi.
“Our potential is not sufficiently explored and put into production. We have new discoveries,” Sellal added. It was up to Sonatrach to increase investment in oil and gas exploration and exploitation, which was both possible and fundamental to the state petroleum company’s role, he said.
While increasing oil and gas output, the country should at the same time seek to lessen its overwhelming economic dependence on the petroleum sector, Sellal stated. “The evolution of the market and the price of hydrocarbons is unpredictable in the short and medium term. Our challenge to everyone is to accelerate the process of ending total dependence on hydrocarbons,” he said. “We have to increase oil and gas production, but as an accompaniment to economic growth outside the petroleum sector.”
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