Algeria discovers 6 new energy fields in just first quarter of 2023
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Algeria's Sonatrach says that the oil output will reach 200 million tonnes per year; a record not seen since 2010.
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Sonatrach's headquarters in Algiers, Algeria November 25, 2019 (Reuters)
Algerian state-owned oil firm Sonatrach announced on Tuesday that it made six new oil and gas discoveries in the first quarter of 2023.
The total monthly production capacity of the six new fields is over 500,000 barrels of oil and more than 60 million cubic meters of natural gas, according to the statement.
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Two wells were discovered in Amqid Masoud basin, producing around 10,500 oil barrels per day (bpd) and nearly 427,000 cubic meters of gas. Other wells were found in Berkine and can produce daily around 2,150 oil bpd and 267,000 cubic meters of gas.
Another discovery was made in the Ohanet region of the Illizi basin, with a daily production capacity of around 337,000 gas cubic meters and 1,500 oil bp. The final discovery was made in Oued Mya basin, with a production of 450 oil bpd and almost 170,000 cubic meters of gas.
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"These discoveries highlight the extent of Sonatrach's exploration efforts to renew its hydrocarbon reserves, and promote the attractiveness of the mining sector in Algeria," the statement concluded according to the company's statement.
Sonatrach announced earlier that it will reach production of 200 million tons of oil - a figure not seen since 2010.
Read more: Sonatrach discovers 3 new oil, gas fields in Algeria
Over the past year, Russia decided to gradually halt its supplies of gas to European states due to Western-imposed sanctions over the Ukrainian conflict. It has since then sparked a massive crisis in the continent, causing the cost of living to increase drastically and leaving the EU member states to diversify their energy imports, including from Algeria.
European Union's representative for foreign affairs and security policy Josep Borrell said last month during his visit to Algeria that the North African country represents a trusted partner for the EU in the field of energy, declaring the Union's desire to invest in the field of renewable energy in the North African nation.
Borrell stressed that Algeria is a major partner of the European Union in the field of energy and a trusted supplier of natural gas. It "plays a very important role in securing European energy supplies at a moment that we consider decisive. We are aware of that and we are grateful," he stressed.
