Algeria invests $42bn for oil, gas production increase in 5 years

Algerian oil company Sonatrach will be investing USD 42 billion in the next five years in exploration, drilling and production of oil and gas with aim of increasing output to 225 million tons of oil equivalent (Mtoe) by the year 2018.
The state-run Sonatrach will also increase its reserve as well as develop its production capabilities, a statement by the Ministry of Energy said.
Sonatrach is looking foward to boost oil derivatives output in 2018 in the wake of the retreat in 2010.
The statement said the oil firm produced 232 Mtoe in 2008 but declined to 214 Mtoe in 2010, and 205.8 Mtoe in the next year while plunging to 194.5 Mtoe in 2012.
As for the natural gas production, it added, Sonatrach planned to recover 400 billion cubic meters of natural gas from Hassi R'Mel field, south of Algiers.