Algeria's Energy Minister Youcef Yousfi has said that the country will intensify its oil and gas exploration efforts in order to increase its hydrocarbon reserves and "guarantee the country's energy security in the very long term”.
"The Permanent Mission of our industry is to ensure the country's energy security in the very long term and ensure sufficient revenue for its development," said Yousfi in an interview. The minister added that Algeria, whose economy derives around 98 per cent of its revenue from oil, will also increase "its national capacity of oil and oilfield services."
Yousfi said that despite the current downturn in oil and gas markets, Sonatrach maintains its long-term investments plans. The state-owned company intends to invest around $63 billion to expand its capacity for gas exports.
Presently, Algeria supplies the EU with 12 per cent of its natural gas via two pipelines in Italy and Spain. A third pipeline is to be commissioned shortly and will be expected to deliver around 8 billion cubic metres of gas to various European destinations. Yousfi concluded by saying that Algerian gas exports are expected to reach approximately 100 billion cubic metres by 2015.
Source: Ennahar Online
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