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April 9, 2023 | 2 years ago

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OIL AND GAS EXPLORATION: Algeria leads Arab countries

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According to the Sonatrach Group’s annual accounts, primary hydrocarbon production increased by 2% in fiscal year 2022 (189.6 million tons of oil equivalent), and the value of exports reached about $60 billion while investment totalled $5.5 billion over the same period. As for the discoveries made in 2022 by Sonatrach - which ranks first among Africa’s 500 best companies - they reached 15 discoveries, 3 of which were made in partnership, thus strengthening the group’s position in the international oil and gas market.

Sonatrach helped Algeria consolidate its position as a reliable supplier on the global gas market. According to the balance sheet data, Sonatrach is Italy’s largest supplier of gas, Spain’s second largest supplier of gas, and Turkey’s and Greece’s second largest supplier of LNG. To maintain Algeria’s position, Sonatrach will develop its gas potential to place additional volumes on national and international markets, including the European market. For example, Algeria plans to release as much as 100 billion cubic meters of natural gas annually over the next five years.

April 9, 2023 | algeria-logo

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