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Algeria’s Sonatrach Says Low Oil won't Deter Investments

Source: Bloomberg 12/8/2014, Location: Africa

Algeria will press ahead with its $90 billion investment plan in the North African country’s oil and gas industry even with crude prices trading near five-year lows, said the head of state-run energy producer Sonatrach.

Sonatrach will invest $22 billion in natural-gas field development as part of the $90 billion program for 2015-19, Said Sahnoun, the company’s interim chief executive officer, said at the North Africa Oil & Gas Summit conference in Algiers yesterday. Oil prices have declined about 40 percent from a June peak amid overproduction and slower demand growth. Brent crude ended last week at $69.07 a barrel.

The plan will not be affected, Sahnoun told reporters. It has been designed with a price of $70 a barrel.

Sonatrach will invest $400 million to develop shale gas in a venture with another company, he said, without identifying the partner. The project is to start next year and begin producing gas in 2017, he said.

The Organization of Petroleum Exporting Countries decided on Nov. 27 to maintain its production target, prompting a deeper price slump. Algeria is OPEC’s ninth-largest producer with a daily output of 1.1 million barrels a day, according to data compiled by Bloomberg.

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

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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