Algeria announces major oil well discovery

Norway's energy group Statoil Algiers - Arab Today Algeria's national energy firm Sonatrach has discovered a major oil field with almost 1.3 billion barrels of deposits in the south of the country, Energy Minister Youcef Yousfi announced Saturday. The find near Amguid Messaoud is "one of the most important that Sonatrach has made in the past 20 years," he told the national news agency APS during a visit to the site. The discovery was made 112 kilometres (70 miles) from Hassi Messaoud, the largest oil field in Algeria. Yousfi said Sonatrach would have to use non-conventional methods to extract oil from the new field, adding an extra 10 percent to the costs, according to Sonatrach official Said Sahnoun. Source: AFP