Algeria to double gas production in 10 years: Minister

January 19, 2014 - 7:32:19 am
ALGIERS: Algeria plans to double natural gas production and hike oil output by 50 percent within 10 years helped by major exploration success in 2013, Energy Minister Youcef Yousfi said.

His comments come one year after a bloody assault by armed Islamists at the In Amenas desert gas plant, one of the country’s main upstream facilities, and amid steady decline in Algerian gas production since it peaked in 2005.

“Algeria plans very seriously to double its gas production,” Yousfi told national radio, adding that shale gas would contribute to the ambitious production plan. He put Algeria’s recoverable reserves at between 25 and 30 trillion cubic feet.

The minister described drilling results in 2013 as “extremely satisfying,” saying the Opeec country had discovered 550 million tonnes of oil equivalent from 32 new oil and gas finds, three times the number discovered in 2012.

“We are going to see how much we can extract,” he said, but added that the new finds would also allow the country to raise oil production by 50 percent in the coming decade, from 1.2 million barrels per day now. AFP