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Algeria's Q1 Oil, Gas Exports down 9 Pct

Source: Reuters 8/19/2014, Location: Africa

Algeria's oil and natural gas exports fell 9 percent in the first quarter from a year earlier and lowered energy earnings by 12 percent, the central bank said on Tuesday.

OPEC member Algeria, a major gas supplier to Europe, relies heavily on energy exports to finance state development and social programmes.

The country's oil and gas production has stagnated since 2010 due to a fall in exploration activity and a lack of investment from foreign companies.

Foreign businesses have been wary of Algeria's contract terms and security since a militant attack on a gas plant last year.

Crude oil exports fell to 42 million barrels in the first quarter from 61 million a year earlier, the central bank said.

Natural gas sales exports fell to 7.8 billion cubic metres from 11 billion, it said on its website.

Condensate exports slipped to 10.6 million barrels from 11.7 million.

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

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