Algeria has no intention of cutting off the supply of gas to the Kingdom of Morocco via the pipeline through its territory to Spain, Sonatrach General Manager, Abdelmoumen Ould Kaddour, said.
“Sonatrach is interested in continuing to supply Morocco with gas through this pipeline to increase export capacities”.
Speaking at a press conference that was held on the sidelines of OPEC’s report on the global oil prospects in 2040, Abdelmoumen Ould Kaddour, said that Sonatrach will launch a pipeline project to bring additional capacity to the Medgaz pipeline from the Pedro Dural Faral gas pipeline, which runs through Morocco from the Arishah area of Tlemcen (western Algeria), which caused a misunderstanding of some parties.
“Parties understood that Sonatrach wants to cut the supply of gas to Morocco through the pipeline of Spain. Why do we cut supplies on this pipeline?”.
“It is in Sonatrach’s interest to continue the flow of gas through this pipeline to increase export capabilities. We are in our interest to continue supplying gas through this pipeline only if Moroccans want to stop this, and this is their problem”.
$ 80 A Barrel, An Affordable Price!
Ould Kaddour said oil price exceeded $ 80 a barrel and added that this price is appropriate for producers and consumers, and allows producers to launch more investments.
“The price of $ 40 a barrel is harmful to producers and curbs the pace of investments. A barrel of $ 140 is not in favor of consumers, and it leads to the waste of expenses”.
“Algeria played an important role in making the oil market stable through the 2016 meeting and the historic agreement, in addition to the first meeting on Sunday”.
First Oil Exploration In The Sea At The Beginning Of 2019
“The first drilling for oil at sea will take place earlier this year. The studies that were conducted indicate promising oil reserves in the Algerian territorial waters”.
It is known that Sonatrach conducted studies in two maritime zones, the first in the maritime area between Jijel and Bejaia western Algerians), extending in the future to El Kolo, and the second at the western waterfront between Oran and Ain Temouchent (western Algeria).
“The exploitation of shale gas is a complex process that will take several years, specifically from 3 to 5 years, and the best decision is to do it with partners who have knowledge, experience, in order to reduce expenses and gain time”.
OPEC:” Another 20 Golden Years For The Oil Market”
On the other hand, the Organization of Petroleum Exporting Countries (OPEC) presented a report on the global prospective for oil in 2040 at the Sonatrach headquarters, and revealed that another 20 golden years await the oil market, as the global demand for crude will increase by 15 million barrels per day.
According to the report, the slowdown in global demand for oil will be between 2020 and 2023, especially because of the actions of the International Maritime Organization, which will enter into force, and it is related to the reduction of emissions of ships across the world.
World oil demand will reach 111.7 million barrels per day in 2040, up with 14.5 million barrels per day from the current levels. China and India will continue to consume more of the crude because of the growing population and the growth of their economies.