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FINANCIAL NEWS
Algeria to invest USD70b on gas projects in 20 years
12 Jan 2015
(MENAFN) Algeria’s state-owned energy giant Sonatrach announced that it is planning to invest at least USD70 billion over the next 20 years in exploiting shale gas in the southern desert, Gulf News reported.
Sonatrach said that it hopes that these investments will result in it being able to produce some 20 billion cubic meters of shale gas per year from 200 drill sites.
Algeria is the third largest supplier of natural gas to Europe but its hydrocarbons sector has suffered in the past decade from a lack of foreign investment, as well as the political unrest that disrupted the production since last year, only for it to resume its production level in October.
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