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Sonatrach has signed off on a $100bn investment scheme to boost Algerian oil and gas output by 15% in the five years to 2018.
Algeria’s national oil company aims to reverse recent production declines by raising gross output to 225mn tons of oil equivalent (toe), or around 4.6mn barrels per day of oil equivalent (boe/d), state news service APS reports.
Sonatrach put production in 2013 at 195m toe, equivalent to 4m boe/d. The target has been described as ‘ambitious’ by analysts, and jars with projections by the International Energy Agency (IEA).
The green light for massive state investment comes as a bid round is expected to draw to a close later this year. Algeria has put 31 blocks up for tender, and hopes that improved fiscal terms will draw international oil companies (IOCs) into the upstream. (CONTINUED - 561 WORDS)