Sonatrach’s CEO, Amin Mazouzi, said that the company’s oil and gas exports have reached 89m tons during the first ten months of 2016, marking a 9% growth when compared to volumes form the same period during 2015. Additionally, oil production had increased by 80,000b/d during the third quarter of the year. Mazouzi noted that the growth came as a result of Sonatrach’s program to enhance production capabilities and diversify within international markets, informed Kuwait News Agency (KUNA).
Furthermore, the Algerian state-owned oil company made 28 hydrocarbon discoveries from the beginning 2016 until the end of September, mostly from the Hassi Messaoud and Berkine, Ecofin Agency reported. The overall volume of hydrocarbons discovered through the finds is estimated at 177.47m tons of oil equivalent proven and probable.
Situated in the center of Algeria, the Hassi Messaoud oil field, which was discovered in 1956, is the most ancient and largest oil field in the country. It was developed and is currently operated by Sonatrach while the Hassi Berkine Oil field is located in Algeria’s Sahara Desert and operated by Anadarko.
The OPEC member has been affected by the crash in global oil prices and struggles to attract energy investments to help develop new fields and boost existing production. The Algerian government has said it is looking to develop its current fields such as the Hassi R’mel, Hassi Messaoud, Berkine and El Merk to boost oil and gas production.