Petroleum Africa
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Tuesday, July 22, 2014
Sonatrach, Algeria’s state-run oil and gas firm, plans to invest $42 billion over the next five years on exploration, drilling and production of oil and gas with the aim of increasing output to 225 million tons of oil equivalent (Mtoe) by the year 2018. The company will also see an increase in its development capabilities during this time according to a statement by the Ministry of Mines and Energy.
Sonatrach is looking foward to boost oil derivatives output in 2018 in the wake of the country’s decline over the past several years. The statement said the oil firm produced 232 Mtoe in 2008 but declined to 214 Mtoe in 2010, and 205.8 Mtoe in the next year while plunging to 194.5 Mtoe in 2012.
As for the natural gas production, the statement added that Sonatrach planned to recover 400 Bcm of natural gas from Hassi R’Mel field.
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