Algerian energy company discovers 10 oil and gas reserves in H1

An official from Algeria’s state-run oil company, Sonatrach, announced on Tuesday that the company discovered 10 new oil and gas in the first half of this year.

According to Rabie Bagi, the Director of Exploration at Sonatrach, ongoing drilling operations since the beginning of 2023 have led to the discovery of these 10 new fields. Most of these discoveries are located near existing facilities and production areas, allowing the company to incorporate them into its production operations.

Bagi mentioned that these recent discoveries stand out for their low exploration cost per barrel of oil, which is less than one dollar, compared to other regions worldwide, where exploration costs can reach up to 8 dollars per barrel.

Sonatrach’s plans for this year involve drilling 45 wells across various regions of the country using three-dimensional exploration techniques. As of now, 23 wells have been drilled, according to the official.

Algeria aims to attract more foreign investments to its energy sector and introduced a law in 2019 that provides incentives and facilitation’s for foreign companies interested in the country’s hydrocarbon resources.

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