Algeria's Sonatrach saw turnover of $22 billion in 2000
The Algerian oil and gas company Sonatrach had a turnover of $22 billion in 2000, a deputy director of the state-owned firm said Wednesday, calling the result "an unequalled record".
Momamed Hamel also said on the sidelines of an investment conference here that Sonatrach's production in hydrocarbons last year was in excess of 200 million tones oil equivalent (Mtoe).
Commercial production exceeded 144 Mtoe, he said, while natural gas exports totalled 60 billion cubic metres.
Sonatrach made nine new discoveries over the year during prospective drilling at 28 sites. Since 1986 the company has signed 46 partnership deals, with onsite hydrocarbon finds estimated at around 10 billion barrels oil equivalent.
The company expects to reach an annual oil production of 1.5 million barrels per day (bpd) in 2004. By that year, it also hopes to be selling 186 Mtoe in oil, gas and petroleum products, compared with 138 Mtoe in 1999.
Current oil production is 852,600 bpd, according to the official quota fixed for Algeria by the Organization of Petroleum Exporting Countries in November 2000.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)