Sonatrach to invest USD 50 billion by 2021
Algeria
ALGIERS, March 23, 2017 – Algeria’s Sonatrach is planning to increase output to more than 4.6 million boepd by 2021 and to invest some USD 50 billion over that period, international media reported on Wednesday.
Some USD 9 billion will be spent on exploration, and the group is planning to drill about 100 new wells per year over the next five years, the head of Sonatrach’s associations division, Farid Djettou, told Bloomberg.
The news comes as Algeria, Africa’s largest natural gas producer, is looking to revise regulations for foreign companies investing in the country’s hydrocarbons sector, in order to attract investment.
Sonatrach is also reportedly looking to form partnerships with major international oil companies in order to better explore Algeria’s offshore potential.
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