Substantial Increase of Algeria’s Hydrocarbon Production

Source: Algeria Times 12/26/2013, Location: Africa

The national hydrocarbon production is expected to increase over the coming five years, CEO of Sonatrach, Abdelhamid Zerguine, affirmed Wednesday in Tiaret (340km west of Algiers).

The "outcomes presented during the Group General Assembly forecast increases into perspective, of the production over the coming five years," Zerguine told the press while launching the construction of Tiaret refinery.

"Hydrocarbon production in Algeria shows some signs of recovery," Sonatrach boss said, adding that this recovery follows the "decline" of the production witnessed during the past decade, notably concerning the operations achieved in partnership.

Past decade’s "decline" is the result of the opening up of the market, according to Zerguine who declared that the opening led to the "attribution of some permits to small companies having not the financial necessary capacities, and which have been at pains to sell their assets."

Thus, investments were not up to the expected level during this period, hence the slight decline in production, he explained.

Moreover, Sonatrach Group has now to work in a "highly competitive" market, CEO noted, saying that even if the environment is currently competitive, the Algerian oil company succeeded to "position itself on the most lucrative markets, chiefly in Asia" because of his experience and the means it has.

"Sonatrach has never been unsold production," he said.

The Algerian group prepares to celebrate its fiftieth anniversary (created on December 31, 1963) should end the year 2013 with good performance marked by a number of discoveries of 23- 28, which a large part undertaken on its own effort, according to Zerguine forecasts.

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