The CEO of Sonatrach, Rachid Hachichi, said the company is still committed to its foreign partners and disclosed a package of $ 42 billion in exploration and exploration over the next five years.
He said in a speech at the sixth meeting of the Algerian Association for the manufacture of gas (AIG), that the budgets of $ 42 billion dollars have been earmarked for investments in oil and gas exploration between the years 2019 and 2023.
The Sonatrach senior official pointed out that 10 billion dollars of this budget will be allocated for exploration, including 3D seismic survey, exploration, exploratory studies and others.
He explained that Algeria’s production of gas for sale (internal and external marketing) amounted to 97 billion cubic meters in 2018, placing Algeria in the tenth row of the world’s largest gas producers. For example, Algeria allocated nearly 55 billion cubic meters of gas in 2018.
According to him, Algeria has an area of 100,000,000 square kilometers for exploration along 1,200 kilometers of coastline, adding that three-dimensional seismic exploration has already begun in the eastern Mediterranean sea area (between the provinces of Bejaia and Jijel).
With regard to solar energy, Mr Hachichi said that Algeria, with an average annual rate of radiation of 2000 kW per square meter, represents more than one barrel of oil equivalent per year per square meter of solar energy that our country receives.
The first official of Sonatrach also sent clear positive messages to foreign partners who play an important role in the company’s success as the latter are represented by hundreds of foreign companies in upstream and downstream activities.