ALGIERS – Tuesday, 10 October 2023 (APS) – Algeria has made ten new hydrocarbon deposit discoveries by late September 2023, adding to the 16 other discoveries made in 2022, according to the government’s General Policy Statement presented Tuesday at the People’s National Assembly by Prime Minister, Aïmene Benabderrahmane.

In this document, which provides an overview of the activities and actions achieved between September 2022 and August 2023, along with forecasts for the current year’s wrap up, the Government reported the drilling of 12 exploration wells in mature basins and 5 wells in emerging and border basins, i.e. a rate of 28% and 18%, respectively, of the annual 2023 program.

According to the Statement, four new contracts were signed for hydrocarbon exploitation between Sonatrach and major companies, including two contracts set to increase production of the deposits from 60,000 to 100,000 barrels of oil equivalent per day by 2026.

In terms of hydrocarbon export revenue, they amounted to around 38 billion dollars by late September 2023, with an average barrel price of 82 dollars. While these revenues were around 59.5 billion dollars in 2022, with an average barrel price of 104 dollars, up by 69% compared to 2021.

As for meeting the national demand for petroleum products, the document stressed the achieved projects aimed at the rehabilitation, development, and modernization of storage, distribution, and pipeline transport infrastructures.

In this regard, Sidi Bel Abbes storage warehouse with a capacity of 180,000 m3 has been put into operation, as well as the completion, by the end of the year, of the commissioning of other storage capacities in Khroub (Constantine) with a capacity of 172,000 m3, in Laghouat (6,000 m3), and in Drean (El Tarf) with a capacity of 200 m3.

Within this framework, the construction program of the highway service stations will be completed with the putting into service of 34, out of the expected 42 service stations, as well as seven mobile stations.