29 hydrocarbon strikes in 2010 southern Algeria

BOUMERDES (Algeria)- Twenty-nine hydrocarbon finds were made in the country's south in 2010, a success estimated at more than 40%, according to a report presented Sunday to the minister of Energy and Mines Youcef Yousfi.

Of the 29 discoveries, “27 were made by national hydrocarbon group Sonatrach’s own efforts, and two were the outcome of a partnership between the national group and foreign firms,” pointed out the report presented by an executive at the Algerian Petroleum Institute (IAP) to the minister, on an inspection visit to the province of Boumerdes (50 km east of Algiers), along with Sonatrach CEO Noureddine Cherouati.

The finds required a global investment of USD1.1 billion by Sonatrach and more than USD500 million by involved foreign groups, according to the source.