Friday, 17 September 2010

Algeria to start looking for unconventional methods to diversify energy sources

According to Algeria's Oil Minister Youcef Yousfi the country will start looking for unconventional gas deposits and study the use of nuclear power in an effort to diversify its energy sources.

“We are going to intensify exploration in the near future, especially in regions that haven't been explored much. We are going to do an inventory of unconventional hydrocarbons. The same way that you in Canada are looking for shale gas, we are going to look for oil and gas in shale and compact formations,” said Yousfi at World Energy Congress in Montreal.

Algeria produces around 1.4 million b/d of oil per year, and exports around 60 billion m³ of natural gas to Europe a year. It relies on oil and gas for the majority of its foreign currency revenue, and is the largest supplier of gas after Russia and Norway.

“We want to ensure a safe and durable supply of hydrocarbons and petrochemical products to our traditional partners in Europe, Asia and North America,” said Yousfi.

Yousfi also said Algeria wants to speed up the introduction of renewable energy, and the government will begin studies on nuclear power with a view to adopting it within about 10 years.

Source: Bloomberg

For more news and expert analysis about Algeria please see Algeria Focus and Algeria Politics & Security.

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