Algeria’s state-owned national oil company (NOC) Sonatrach reported the discovery of ten new oil and gas deposits in the first half of 2023. Sonatrach is currently conducting a full evaluation of the profitability of the discoveries, with conclusions expected by the end of the current year.
The discoveries were made following the commencement of a series of drilling operations in early 2023, and were made in close proximity to existing infrastructure and operating zones.
In an interview with the national radio program Chaîne 1, Sonatrach CEO Rabi Baji stressed the significance of these discoveries, stating that because most of these resources are located close to existing facilities, they would be able to be integrated into production processes quickly.
The discoveries feature part of a multi-year exploration drive by Sonatrach.
The NOC launched a $40 billion investment plan for the period 2023-2027 earlier this year, and finds made thus far are poised to open a new chapter in Algeria’s energy industry, with the potential for higher production and regional economic growth.
Source: https://energycapitalpower.com/