[Algeria] SonaTrach to invest over $50 billion in oil exploration and production within five years
28-03-2017 13:42:00 | by: Bob Koigi | hits: 8760 | Tags:

The national hydrocarbon company SONATRACH will invest more than $50 billion from 2017 to 2021 in exploration projects and production, the vice president of the oil group for exploration and production activity, Salah Meknouche. Has said.

In a presentation, read on his behalf by Farid Djettou, head of the company's associations division, as part of NAPEC 2017, Meknouche said "despite uncertainties over evolution of global oil prices, Sonatrach intends to invest more than $50 billion from 2017 to 2021."

This ambitious investment plan aims at increasing the national reserves and production capacity, he said.

For the five coming years, Sonatrach has set ambitious objectives, in line with the new dynamics for the development of the group, announced the same official.

He added that US$40 billion have been devoted for the development of oil and gas fields, with the aim to increase primary output of all the group's products.

Over 1,300 drillings are expected to be achieved during that period, to progressively reach 230 million tonnes oil equivalent by 2021.