As output rises from existing and new fields, Algeria expects to increase its natural gas exports to Europe by 15% to over 50bcm this year, which is more than just recovering from the drop since 2013, according to Omar Maaliou, the national oil company Sonatrach’s Deputy General Manager in charge of marketing, Reuters reported.
In fact, the North African OPEC member and the fifth-largest supplier of gas to Europe, is due to host talks with European Union officials and oil companies later in May on future gas supplies, as current contracts are due to expire in 2019-2021.
Maaliou informed also that Algerian pipeline and LNG exports recorded a growth of more than 30% compared to the same period in 2015. He added that more growth in hydrocarbon production is expected as four fields in the southwest and the southeast will soon come online.
As other long-time oil/gas producers, Algeria is plagued by maturing fields and a lack of new projects to compensate for them, but, as Forbes reported, Sonatrach believes a $40b injection into field exploration and production can increase output 15% by 2019.