Algerians should be reassured that oil did not finished, Energy Minister says

Fourth international tender for research and exploration for hydrocarbons, reached a successful record, thanks to the new facilities that are included in the new law and special indicators for Algeria oil, gas and coal reserves, Energy and Mines Minister, Youcef Yousfi.

The tender was launched by the National Agency for the Evaluation of Hydrocarbon Resources in last January, and it included 31 fields, including 17 fields in the south-west area.

This is the first tender that was launched in the framework of the new hydrocarbons law, regarding the five (5) fields in northern regions, in both Msila and Boughezoul in Medea, and Chlef and Ain Baida, in addition to 15 fields of shale oil and gas.

It is expected to open the files with special offers on August the 6th in Algiers, and sign the contracts on September 4, 2014.

Yousfi revealed in statements for the British office of consulting and economic expertise “Oxford Business Group “, that many of the prestigious international oil groups, recorded an interest in the tender and the exposed fields, as well as the energy capacity of the considerable conventional and non-conventional and renewable energy, that are available to the country, and the strong indicators that are highlighted by the pace of discoveries that have been made in 2013.

New technologies for research and exploration led to important discoveries at a depth of 5000 m, by discovering huge oil fields in the area of Tamguid Messaoud, near Hassi Messaoud, in addition to the good results that were achieved by Sonatrach in the south-west, which is expected to turn into an important center for manufacturing fuel in the country, especially in the field of gas, thanks to investments that are implemented in the region in the context of a meaningful plan to double the national production in the field of natural gas in the medium term, to meet the rising domestic consumption and to maintain an acceptable level of exports.

Yousfi explained that Algeria also has important capabilities in the field of coal and uranium, enabling it to run electro-nuclear power plants within 2025.

“New Law on Hydrocarbons allows the progress and intensification of the drilling operations at the national level, and to initiate the search for non-traditional sources like shale oil and gas thanks to the existence of evidence which show that Algeria has huge reserves in the area at about 100 trillion cubic feet of gas that are refundable, and about 10 billion barrels of oil. Renewable energies are part of Algeria’s new plan to allow the provision of additional export capabilities in the field of oil and gas”.