Algeria to invest more than $30 billion in oil exploration, production

Algiers, Jan. 8 (BNA): Sonatrach intends to invest more than $30 billion in the exploration and production of hydrocarbons, in particular natural gas to improve the supply of the world market, said the CEO of the group, Toufik Hakkar.

“As part of Sonatrach’s five-year investment plan (2023-2027) the order of $40 billion, more than $30 billion will be allocated to exploration and production with the increasing production in the short and medium term and preparing a portfolio of future projects, for the natural gas in particular,” Hakkar added.

“These investments will help improve energy security and reliably supply the global market,” according to Algeria Press Service (APS).

Sonatrach also plans to invest more than $7 billion in refining, petrochemical and gas liquefaction projects, projects that will promote the creation of value added in Algeria and will strengthen export potential.

Nearly $1 billion will be devoted to projects aimed at the company’s contribution to the energy transition.