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National oil company Sonatrach says the country’s gross oil and gas output will rise by 15% to an annual 225mn tons of oil equivalent (around 4.6mn b/d) by 2018, up 15% from last year’s 195mn toe (4mn b/d).
Sonatrach will invest $102bn, of which $61bn (60%) is slated for the upstream, according to the state giant’s 2014-18 Medium Term Development Plan, state news agency APS says.
These gross numbers are misleading as they include gas which is subsequently re-injected, but the direction of the official Algerian projections clearly differs from the forecasts in the International Energy Agency’s (IEA’s) recently-released Medium Term Oil Market Report, which predicts a drop in crude production. Oil output capacity will decline by 290,000 b/d to just 890,000 b/d in the five years to 2019, the IEA said in it influential report, released last month (MEES, 27 June). (CONTINUED - 846 WORDS)
DATA INSIDE THIS ARTICLE
|table||Key Gas Increments From Sonatrach’S Medium Term Development Plan|