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Algeria received a mere five bids for the 31 blocks on offer in last year’s bidround. Oil output is falling. That of gas is flatlining while soaring domestic demand eats into exports. Prices and revenue are down over 40%. But if the first step to recovery is admitting your problems, then Algeria has a long way to go.
Algeria has “no problems with production or exports,” Muhammad Rafik Demmak, vice president of marketing for state energy company Sonatrach tells MEES on the margins of the World Gas Conference (WGC) in Paris on 2 June.
He says that a reduction in domestic energy subsidies – seen by most external analysts such as the IMF as essential to curb soaring demand – is “not being considered.” (CONTINUED - 3339 WORDS)