Algeria recorded 17 new hydrocarbon discoveries in the first nine months of 2026, while state revenue from hydrocarbon exports reached $37.5 billion by the end of September, Hydrocarbons Minister Mohamed Arkab announced Saturday.

Speaking before parliament’s Finance and Budget Committee during discussions on the 2027 Finance Bill, Arkab said preliminary hydrocarbon production stood at approximately 128 million tonnes of oil equivalent, adding that exploration and production activities continued to yield new results.

Arkab attributed part of the export revenue performance to a 37% increase in the average price of Algerian crude oil compared with the same period in 2025. Sonatrach, the state-owned energy company, invested more than $6 billion by the end of September 2026, up 21% from $5.3 billion during the corresponding period last year, according to Algerian Radio.

Hydrocarbon sector employs ~1930,000 people in first half of 2026

The minister also reported that the hydrocarbon sector employed approximately 193,000 people at the end of the first half of 2026. Algeria is seeking to expand its oil and gas production capacity through further exploration and investment in the sector.

President Abdelmadjid Tebboune previously announced that more than 141 exploration and production wells had been completed in the energy sector since he took office in December 2019.

The government's plan targets annual growth of 2% in preliminary hydrocarbon production between 2023 and 2027, with output expected to reach approximately 209 million tonnes of oil equivalent by 2027.

As part of its expansion strategy, Sonatrach has allocated $50 billion in investments for 2024-2028 to develop its capabilities and expand exploration and production activities, as Algeria seeks to increase returns from its oil and gas resources and hydrocarbon exports.

Algeria in the hydrocarbon world

Algeria holds a significant position in the global hydrocarbon industry, ranking as Africa’s largest natural gas producer and second-largest producer of liquid fuels based on 2024 estimates from the US Energy Information Administration (EIA). Its oil and gas resources make it an important energy producer both regionally and internationally.

Natural gas is central to Algeria’s role in international energy markets, particularly in Europe. The country exports gas through pipelines and in the form of liquefied natural gas (LNG), serving as a supplier to European markets. In 2023, most of its natural gas exports went to Europe.

Algeria is also a member of the Organization of the Petroleum Exporting Countries (OPEC), which it joined in 1969, and participates in the OPEC+ agreement. These memberships place the country within the frameworks through which oil-producing states coordinate on production policies.

The hydrocarbon sector remains a major pillar of Algeria’s economy, accounting for a substantial share of export earnings and government revenue. According to the International Monetary Fund, hydrocarbons represented 84% of the country’s total exports of goods and services in 2023, underlining the sector’s importance to its external trade.