Algeria intends to invest $30 billion in oil exploration and production
Algeria announced its intention to invest more than $30 billion in the exploration and production of hydrocarbons, particularly natural gas, in order to better supply the world market.
The general manager of the Algerian "Sonatrach", Toufik Hakkar, confirmed that within the framework of the company's five-year investment plan (2023-2027), estimated at about $40 billion, more than $30 billion will be allocated for exploration and production with the aim of raising production in the short and medium term and preparing a portfolio. Future projects, especially with regard to natural gas.
And he indicated, according to the Algerian News Agency “WAJ”, that more than 7 billion dollars have been allocated for refining, petrochemical and gas liquefaction projects, and one billion dollars will be allocated to finance projects in the context of the company’s contribution to the energy transition, especially projects to recover burnt gas at the level of production sites and complexes. Liquefied natural gas and photovoltaic solar projects to supply production sites as well as pilot projects for the production and transportation of green hydrogen.
He stated that two model projects will be launched in 2023 aimed at producing green hydrogen and transporting it through the gas pipeline, noting that these projects will allow testing and control of related technology.
He explained that 4 billion cubic meters of natural gas were exported through the spot market in 2022, pointing out that the discoveries made in some gas fields will allow significant increases in the volume of gas available for export through gas pipelines or transport ships.
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