Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Important gas finds in Algeria this year  Join our daily free Newsletter

MENAFN - AFP - 09/09/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Algeria's state-run energy giant Sonatrach has made some "very important" natural gas discoveries this year, Energy Minister Youcef Yousfi said Monday, as the country battles dwindling exports from its vital hydrocarbons sector.

Yousfi gave few details on the size or location of the "extremely promising" new finds, saying only that they would be announced soon by Sonatrach.

"Algeria's natural gas reserves are not falling. They are in the process of rising," the minister told journalists in Algiers, denying speculation the OPEC country might be forced to halt gas exports due to growing local demand and limited upstream progress.

"Less than a week ago a discovery was made by Sonatrach in a region that has barely been explored," he added.

Algeria has estimated proven gas reserves of around 4.0 trillion cubic metres (113 billion cubic feet), and a production capacity of 80 billion cubic metres per year, according to official figures.

Yousfi said current domestic consumption stood at 31 billion cm/year and was rising annually by around 2.0 billion cm/year.

In addition to stronger local demand, a bloody hostage attack by armed Islamists in January on the In Amenas desert gas plant, one of Algeria's main upstream facilities, has heightened concerns about the security of future energy exports.

Algeria is the third largest supplier of natural gas to Europe, after Russia and Norway, and it is heavily dependent on its sales of oil and gas abroad, which account for 96 percent of foreign currency earnings.

But exports fell 7.05 percent in the first half of 2013 compared with the same period last year, from 37.1 billion dollars to 34.5 billion dollars, the national statistics office reported in July.

At Monday's news conference, Nourredine Bouterfa, who heads Algerian state gas and electricity firm Sonelgaz, said 2,000 megawatts of power production needed to be brought on stream every year over the next decade to meet the rise in local demand.

He put the expected cost of doing so at 2.5 to 3.0 billion dollars per year.

Bouterfa also said Sonelgaz planned to phase out turnkey contracts for the construction of power plants in favour of locally built projects, while denying the move had anything to do with the corruption scandals that have rocked Algeria's energy sector.

Earlier this year, Sonelgaz blacklisted Canadian engineering giant SNC-Lavalin, which like Italy's Saipem and ENI has been battling allegations it paid large bribes to Algerian officials to secure lucrative contracts in the North African country.


 


AFP




  MENA News Headlines
 Sep 17 2014 - Kuwait Stock Exchange Closes on Green NoteQatar News Agency
(MENAFN - QNA) Main indices of the Kuwait Stock Exchange ended trading Wednesday in the green zone with the weighted, the price, and the KSX 15 indices up by 1.39, 14.07, and 5.63 points ...

 Sep 17 2014 - HE Assistant FM Receives Copy of Vietnamese Ambassador's CredentialsQatar News Agency
(MENAFN - QNA) HE Assistant Foreign Minister for Foreign Affairs Mohammed bin Abdullah Al Rumaihi on Wednesday received a copy of the credentials of Nguyen Hoang as ambassador of the Socialist ...

 Sep 17 2014 - HE Prime Minister Meets Chubu Electric Power ChairmanQatar News Agency
(MENAFN - QNA) HE Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani on Wednesday met with Toshio Mita, chairman of Chubu Electric Power company on the occasion of ...

 Sep 17 2014 - Italian President Receives Message from Kuwait's EmirQatar News Agency
(MENAFN - QNA) Italian President Giorgio Napolitano received a message from Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah pertaining to bilateral relations between the two ...

 Sep 17 2014 - US Vice President Ukrainian Prime Minister Discuss Minsk AgreementQatar News Agency
(MENAFN - Qatar News Agency) Moscow September 17 (QNA) - Russia and eastern Ukrainian independence fighters should fully observe provisions of the Minsk ceasefire agreement US Vice President Joe ...

 Sep 17 2014 - HE Minister of Culture Arts and Heritage Meets US AmbassadorQatar News Agency
(MENAFN - Qatar News Agency) Doha September 15 (QNA) - HE the Minister of Culture Arts and Heritage Dr. Hamad bin Abdulaziz Al Kuwari met here Monday with HE US Ambassador to Qatar Dana Shell Smith. ...

 Sep 17 2014 - 52 Taliban Militants Killed During CounterTerrorism OperationsQatar News Agency
(MENAFN - Qatar News Agency) Kabul September 15 (QNA) - At least 52 Taliban militants were killed following joint clearing operations by Afghan national security forces in various provinces of the ...

 Sep 17 2014 - One Policeman Killed Two Injured in Pakistan's militant attackQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 15 (QNA) - A policeman was killed and two others sustained injuries when unknown militants launched an attack on Tal Police Station on Monday morning. ...

 Sep 17 2014 - US Drone Strike Kills Seven on PakAfghan BorderQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 14 (QNA) - Seven suspected militants including two key commanders of Badr Mansoor group have been killed in a US drone strike according to Pakistan ...

 Sep 17 2014 - ISIS United Iraq Country's Deputy Prime Minister SaysQatar News Agency
(MENAFN - Qatar News Agency) Baghdad September 14 (QNA) - Iraq's Deputy Prime Minister Hoshyar Zebari said Sunday that ISIS organization has united the country rather than divide it. He said that ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help