Algeria expects oil and gas production to increase by 6.5% in 2018, according to a governmental document seen by Reuters.
It also projects the value of its energy exports to increase from $32.3 billion this year to $33.6 billion next year, a 4% increase, according to Reuters
Production for 2017, according to the document, will fall by 2.7% from 2016, but—with oil prices rising—revenues will increase by 16.6% from $27.7 billion in 2016, Reuters reports.
Algeria previously announced that oil and gas exports had increased by 19% in the first three quarters of the year, according to Zawya, reaching $24.41 billion in the first nine months of the year. At the time, the government predicted the value of this year’s energy exports would total $31 billion.
Even with the higher revenues, Algeria’s energy exports still fall short of the $60.3 the country was taking in prior to the oil-price crash of 2014, according to Zawya.
Lower revenues have put significant pressure on the Algerian budget.
To offset lower oil prices, Algeria, an OPEC member, is turning to natural gas—the production of which is not limited under the production-cut agreement concluded between OPEC and a number of other oil-producing nations. Algeria has taken steps this year to expand its natural gas production to raise additional revenues.
To increase output and foster foreign investment, the government has also announced plans to revise its energy laws.