Algeria plans massive investments in energy sector
The Algerian energy group Sonatrach will invest 4,200 billion dinars (about US$60 billion) for the period between 2011 to 2015. The investments are "to strengthen national capacities for production of hydrocarbons," said Algeria's Minister of Energy and Mines, Youcef Yousfi on Monday.
This program, which 57% of funding will be devoted to exploration-production activities, provides a "boom" to the exploration sector in order to increase the country's reserves and optimize the exploitation of hydrocarbon deposits, Yousfi said.
Similarly, the exploration effort aims to double activities for the coming years. For 2011, "this effort is already expected to rise by more than 40% compared to the previous year," said the minister.
Regarding electricity production, the minister conveyed the investment program undertaken by the Sonelgaz group for the next five years, includes a budget of US$ 30 billion. It will increase production to 15,000 MW compared to the current 10,400 MW.
- Will passing gas ease Israel's tensions with Egypt and Turkey?
- Turn off the lights: Egypt prepares for 25 percent fuel hike this summer
- How can the GCC's approach to the US shale boom be described? One word: insufficient
- Iran, six powers nuclear deal talks to resume in May
- Going once, twice, SOLD: International bidders could begin offshore gas drilling in Lebanon by 2015