Gulf Oil and Gas accountACCOUNT

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

Production News in Algeria >>

Algeria >>  2/20/2019 - Neptune Energy and Sonatrach announced that first gas has gone in to its Touat project in Algeria as part of project commissioning. The development, w...
United Kingdom >>  2/18/2019 - UK Oil & Gas PLC, has announced that its subsidiary company, Horse Hill Developments Ltd has re-established Portland oil production from the Horse Hil...

Congo >>  2/13/2019 - Anglo African Oil & Gas has provided details of its plan to bring the TLP-103C well at its Tilapia licence in the Republic of the Congo into productio...
Egypt >>  2/11/2019 - BP announced first gas production from the second stage of its West Nile Delta development offshore Egypt. ...

Brazil >>  2/1/2019 - Royal Dutch Shell plc, through its subsidiary Shell Brasil Petroleo Ltda. ("Shell"), has announced with consortium partners the start of production at...
Russia >>  2/1/2019 - PAO NOVATEK (“NOVATEK” and/or the “Company”) announced that its Purovsky Plant has cumulatively processed 80 million tons since the facilities start-u...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Algeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.