Sonatrach, Algeria’s state-owned oil and gas company, announced that it plans to invest $2 billion in the Hassi Rmel natural gas field, Zawya reports.
The purpose of the investment is to maintain stable production from Algeria’s largest natural gas field. The field produces between 190 million cubic meters per day (mcm/d) and 210 mcm/d, approximately 60% of Algeria’s natural gas output, according to Zawya.
“The objective is to maintain the 190 million cubic meter output for the next 10 years,” the CEO of Sonatrach, Abdelmoumene Ould Kaddour, stated to the press.
Algeria has been seeking to expand its production of natural gas this year to bolster its revenues in the face of low oil prices.
The government expects oil and gas production to rise by 6.5% next year after falling 2.7% this year, Reuters previously reported.