In the first half of 2023, Sonatrach, Algeria’s government-owned oil company (NOC), announced the identification of ten fresh oil and natural gas reserves. Sonatrach is presently in the process of thoroughly assessing the potential profitability of these findings and anticipates reaching a conclusion on their economic viability by the end of this year.
The discoveries were made following the commencement of a series of drilling operations in early 2023 and were made in close proximity to existing infrastructure and operating zones.
In an interview with the national radio programme Chaîne 1, Sonatrach CEO Rabi Baji stressed the significance of these discoveries, stating that because most of these resources are located close to existing facilities, they would be able to be integrated into production processes quickly.
The discoveries are part of a multi-year exploration drive by Sonatrach.
Earlier this year, the National Oil Company (NOC) initiated a substantial investment plan totaling $40 billion to span from 2023 to 2027. The discoveries made up to this point have the potential to usher in a new era for Algeria’s energy sector, possibly leading to increased production and fostering regional economic development.
