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FINANCIAL NEWS
Algerian Sonatrach to invest USD80b on oil exploration
08 Dec 2014
(MENAFN) Sonatrach, the Algerian state energy company, announced that it is planning to intensify its exploration efforts by drilling 125 wells a year and expanding its transportation network to help boost production over five years, The Peninsula Qatar reported.
Sonatrach said that the company will invest about USD80 billion by 2019 to boost production to 225 million tons of oil, as well as building up transportation network and a focus on less mature fields around Illizi, Berkine, Hassi Messaoud and Hassi R’mel areas, adding that the falling of oil prices will not have any effects on these plans
Algeria, which relies heavily on energy exports, produced 192 million tons of oil last year, including 121 million tons from natural gas, 54.5 million tons from crude oil and 9.5 million tons from condensate.
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