(*5*)
(*40*) ALGIERS, April 1 (Xinhua) — The CEO of Algeria’s state-owned energy giant Sonatrach mentioned on Friday the corporate plans to speculate 40 billion U.S. {dollars} in oil and fuel exploration and manufacturing between 2022 and 2026.
(*40*) The yr 2022 “bears promising prospect for Sonatrach’s oil exploration and manufacturing,” the Algeria Press Service quoted Toufik Hakkar as saying.
(*40*) The firm found three new oil fields in the primary three months of this yr, together with a big discovery in the southeastern area of Touggourt with estimated reserves of 1 billion barrels of oil.
(*40*) Although fuel and oil costs have soared after the Russia-Ukraine battle, Algeria has determined to take care of “comparatively acceptable” contractual costs with all of its clients, in line with Hakkar.
(*40*) However, Hakkar didn’t rule out “recalculating the fuel value” destined to Spain, with out offering additional particulars.
(*40*) Through the offshore Medgaz pipeline, Algeria delivers about 10 billion cubic meters of pure fuel to Spain every year.
(*40*) Regarding Algeria’s potential to satisfy Europe’s fuel wants in the midst of the Ukraine disaster, Hakkar mentioned the corporate has billions of cubic meters of fuel in surplus, however they’re inadequate to exchange Russian fuel deliveries to Europe.
(*40*) According to him, Algeria’s manufacturing capability will double in 4 years owing to its present tempo of exploration, which is able to herald promising cooperation prospects with European clients.
(*40*) Algeria produces 130 billion cubic meters of pure fuel every year and 1.01 million barrels of oil per day.
