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FINANCIAL NEWS
Algeria’s oil and gas output moves back to grow
27 Jun 2016
(MENAFN) Algeria’s oil and gas output will grow again after years of inactivity, supported by increased production at the N. African OPEC member’s existing fields.
However, the country struggled to draw in foreign energy firms to help it to explore new fields, while last year its energy revenue dropped by 50 percent.
Moreover, oil output will hit 69mn tons of oil equivalent in 2016, against 67mn tons last year, whereas gas production will rise to 132.2bn cubic meters.
In addition, oil output will reach 75mn tons of oil equivalent in 2017, 75mn tons in 2018 and 77mn tons in 2019.
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