Algeria’s oil and fuel output is shifting again to progress after years of stagnation, helped partially by elevated production at the North African OPEC member’s present fields, said state power firm, Sonatrach, according to Reuters.
The North African nation has struggled to attract overseas power corporations to assist the country in discovering new oil and gas fields. The efforts were undermined by low international oil prices that resulted in an almost 50% drop in country’s revenue in 2015.
Sonatrach, however, has invested to stabilize and increase production at its large, mature fields and expects to bring five new gas fields online in the south of the country over the next few years.
In 2016, Algeria’s oil output will likely reach 69m tons of oil equivalent, in comparison with 67m tons last year, aiming for the levels of 75m tons of oil equivalent in 2017, 75m tons in 2018, 77m tons in 2019, and 82m tons in 2020, a Sonatrach report showed.
Company’s gas production will likely rise to 132.2bcm in 2016, up from 128.3bcm in 2015, and 130.9bcm in 2014, the Sonatrach report confirmed, Trade Arabia wrote. Further, gas output is expected to reach 141.3 bcm in 2017, 143.9 bcm in 2018, 150 bcm in 2019, and 165 bcm in 2020, according to the company.
Energy companies and Algerian and European Union officials held a summit last month to explore ways Algeria can adapt to more competitive markets and attract the investment needed to pump more gas.