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550 million Tons of Oil Reserves Were Discovered in 2013

Source: Algeria Times 1/19/2014, Location: Africa

The year 2013 was marked by "very encouraging" results in research and exploration of hydrocarbons in Algeria where last year some 550 million tons of oil equivalent (TOE) were discovered, Minister of Energy and Mines Youcef Yousfi said.

"Significant results were achieved in 2013 through the intensification of exploration efforts. We increased the number of exploration and drilled up to two-thirds more wells compared to past years," Yousfi told National broadcastings.

Exploration operations have also affected new ponds, along with "taking technical risks" by making deeper drilling (up to 5000 meters) and in deposits that already exist, the minister said, recalling that 2013 was also marked by the beginning of offshore exploration.

"We had extremely encouraging results. We discovered in 2013 no less than 550 million tons of oil equivalent (TOE) reserves on site and we’ll see what we can extract," Yousfi said.

According to him, this is 3 times more compared to what has been achieved in 2012 and will help doubling the production of natural gas and 50% increase in oil production in the next 10 years.

"We offset what we produced before, but mostly we were able to increase the national reserves" in conventional hydrocarbons.

Regarding unconventional resources, reserves are estimated between 25,000 and 30,000 billion cubic meters for gas and six to 10 billion barrels for oil, Yousfi said, adding that Sonatrach group is currently in discussions with international partners in view of a possible use of these large reserves this year.

For more information about related Opportunities and Key Players visit Algeria Oil and Gas Projects

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