ALGIERS – Sunday, 08 January 2023 (APS) – Sonatrach will invest more than USD30 billion in the exploration and production of hydrocarbons, notably natural gas in order to improve the supply of hydrocarbons to the global market, said the group’s CEO Toufik Hakkar.
Speaking in an interview granted to the specialized publication on energy issues “MEES” (Middle East Economic Survey), Hakkar underlined that “as part of the five-year investment plan of Sonatrach (2023-2027) estimated at USD40 billion, more than USD30 billion will be devoted to the exploration and production with the aim of increasing production in the short and medium terms and preparing a portfolio for the future projects, notably regarding natural gas.”
“These investments will help us improve our energy security and ensure a reliable supply of the international market,” he said.
As part of the investment plan, Sonatrach will invest more than USD7 billion in refining, petrochemistry, gas liquefaction projects, he said, adding that these projects that will contribute to the creation of the added value in Algeria and strengthen our export potential.
Around USD1 billion will be devoted to projects that help the company to contribute to the energy transition, said Hakkar. It mainly concerns projects of flare gas recovery at the production sites and LNG complexes, photovoltaic solar energy projects to supply the production sites and pilot projects for the production and transport of green hydrogen.
While referring to the global gas market, Sonatrach’s CEO emphasized Algeria’s objectives through Sonatrach to become “one of the most important gas supply sources in the world, thanks to the substantial gas reserves and the recent increase in production.”