Investment plans take off in the Energy Sector of Algeria
In attempt to vastly increase energy capacity and production, Algeria’s government has recently settled a $100bn five year investment plan.
Roughly $22bn will be invested in Algeria’s natural gas environment comprising the generation of 6 new gas fields, along with an additional investment amounting to $20bn for the production of oil. The distribution of the rest of the investment budget still needs to be finalised. This significant investment in Algeria’s energy industry came about just after Sonatrach (the firm that is responsible for dealing with the investment) changed their CEO.
Algeria has the fourth largest oil reserves in Africa, and the second-largest gas reserves. Hydrocarbons make up roughly 60% of the country’s budget incomes, and over 95% exports. In order to maintain such success within Algeria’s Energy Sector, government has set up bids taking place next month (September) from foreign companies for 31 new oil and gas fields. Some hydrocarbon industry deals are beginning to come to come to life.
The Algerian government additionally plans to start developing the country’s less conventional energy sources, such as vast untapped shale reserves. Did you know that Algeria is said to be home to the third largest shale gas reserves in the GLOBALLY? Sonatrach will begin drilling at four shale gas wells this year.
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