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Monday, November 18, 2013
Algeria announced a new discovery in the Amguid Messaoud Basin recently; authorities say it is the largest new oil field in the country in more than 20 years.
Sonatrach “discovered a new oilfield in the Amguid Messaoud basin in the north central part of Algeria,” Energy Minister Youcef Yousfi said near the end of October.
The discovery was made around 100 km from Hassi Messaoud, Algeria’s biggest oilfield. The minister said it would be developed over the next three or four years.
While not a lot of details on the discovery were issued, it was revealed that it has the potential to hold an estimated 1.3 billion barrels of oil in reserves.
Over the past five years Sonatrach has made a number of discoveries in the Amguid Messaoud Basin.
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