Algeria’s Sonatrach is on a roll. The state-owned oil and gas giant announced on 24 August its eighth discovery this year after completing the Hassi Illatou Est-1 (LTE-1) well on its Sbaa concession located in Adrar province in the southwest.
The discovery adds further heft to Sonatrach’s hopes of countering natural declines which have steadily eroded its oil production capacity over the past two decades. While upstream liquids output has risen over the past couple of years as Algeria unwound its Opec+ cuts, production of some 1.5mn b/d in June was still down by around 25% on mid-2000 levels of more than 2mn b/d (see chart). (CONTINUED - 638 WORDS)