Sonatrach discovers 3 new oil, gas fields in Algeria
Algeria discovers fresh gas and oil fields amid a global supply chain crisis.
Algerian state-owned oil firm Sonatrach announced on Monday that it had discovered three oil and gas fields in the North African Arab state.
The first gas deposit is located in the Illizi basin area in the country's south.
"The flows recorded during the tests were 300,000 cubic meters of gas per day with 26 cubic meters of condensate per day from the first tank," the company said.
The second tank scored lower, with 213,000 cubic meters of gas per day with 17 cubic meters of condensate per day.
The second site, yielding 1,300 barrels of oil per day and 51,000 cubic meters of associated gas, was discovered in partnership with Italy's energy company Eni in the Berkine basin in northern Algeria.
The second gas field was found by Sonatrach in the Bechar basin, near the Moroccan border.
Sonatrach signed on Tuesday a contract with Eni, France's TotalEnergies, and US company Occidental Petroleum on the development of onshore blocks at the Berkine basin.
The investments will come in at around $4 billion in total, ultimately allowing for the extraction of the equivalent of 1 billion barrels of oil, which will boost extraction by a whopping 55%, Sonatrach revealed.