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Sluggish project delivery and high depletion rates will shrink Algeria’s oil output capacity in coming years, making it part of a select group of OPEC members that are failing to ramp up production.
Algerian crude output capacity will decline by 290,000 b/d to just 890,000 b/d in the five years to 2019, the International Energy Agency (IEA) said in its Medium Term Oil Market Report released last week. The North African country is one of only three OPEC members whose production is predicted to drop by the agency, with Kuwait and Nigeria completing the trio.
“Prospects for capacity growth continue to be clouded by political uncertainty, security concerns, bureaucratic inertia and unattractive investment terms,” the IEA says. (CONTINUED - 837 WORDS)