Algerian Minister of Energy Mustapha Guitouni said Tuesday his ministry is contacting leading international corporations to establish a balanced partnership in the hydrocarbon sector.
To attract more foreign investment to the energy sector, the ministry is briefing leading companies on the promising opportunities in Algeria, he said.
The minister made the remarks at the end of the two-day "Algeria Future Energy" Summit, which brought together world leaders in hydrocarbon and renewable energy industries.
The Algerian state-owned Sonatrach developed a strategic vision for 2030 to become one of the world's top five oil corporations, Guitouni pointed out.
"Algeria has huge reserves of shale oil and gas; we plan to manipulate these resources without tampering with environment or the safety of citizens," he stated.
The minister noted that studies are underway to develop the shale gas resources and use the world's best practices regarding safety precautions.
He affirmed that commercial production of shale gas would start after five years at most.
The ministry is in contact with leading energy investors, including the French Total, to employ the best technologies of shales gas extraction, which are similar to those used in the extraction of off-shore oil.
The ministry targets to expand the production of renewable energy to 15 megawatts by the end of this year and 1,000 megawatts in 2020, he added.
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