Quotes: 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
 Jun 30 2015 - Major Movers: Capital Lease Aviation Mountfield Group Motive TV San Leon Energy Wim SinclairProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Below are some of the main news-driven share price changes at 10.30am. RISERS Capital Lease Aviation (LON:CLA) up 12.4%. The commercial passenger aircraft leasing company ...

 Jun 30 2015 - UPDATE - Northcote Energy starts new well at Shoats CreekProactiveInvestors - UK
(MENAFN - ProactiveInvestors)-ADDS DETAIL FROM FINANCIAL RESULTS STATEMENT- Northcote Energy (LON:NCT) has begun drilling operations on a new well at the Shoats Creek property in Louisiana. The ...

 Jun 30 2015 - Obtala puts a little more meat on the bones of divestment planProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Obtala Resources (LON:OBT) said its strategy for 2015 will revolve around spinning out the timber business from the farming and retail businesses in order to realise more ...

 Jun 30 2015 - SolGold sees consistent copper shows in latest hole at CascabelProactiveInvestors - UK
(MENAFN - ProactiveInvestors)SolGold's (LON:SOLG) final assays from the eleventh hole at Cascabel showed copper indications continued over the final 600m. A bulk interval of 636m at 0.58% copper and ...

 Jun 30 2015 - Jubilee pays second tranche for DCMProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Jubilee Platinum (LON:JLP) said it had handed over the second of three share-based payments for the DCM project in South Africa for £207000 as it revealed it has received ...

 Jun 30 2015 - Madagascar Oil poised for catalysts as Tsimiroro advancesProactiveInvestors - UK
(MENAFN - ProactiveInvestors)It is very rare for a company as small as Madagascar Oil (LON:MOIL) to have a resource as large as Tsimiroro so says recently appointed chief executive Robert Estill. ...

 Jun 30 2015 - Sula expects gold trench results within three weeksProactiveInvestors - UK
(MENAFN - ProactiveInvestors)Sula Iron & Gold (LON:SULA) expects to report recent gold programme results from its Ferensola project in Sierra Leone in coming weeks as discussions continue it said ...

 Jun 30 2015 - Al Omaniya to acquire United FinanceMENAFN
(MENAFN) Al Omaniya is set to submit a full acquisition offer for Oman's United Finance, a deal which UF's board has been considering for a while, Reuters reported.Last month, United Finance asked ...

 Jun 30 2015 - British buyer purchases USD19m villa on Dubai's Palm JumeirahMENAFN
(MENAFN) An undisclosed British buyer purchased USD19 million luxury villa on Palm Jumeirah in the United Arab Emirates, which marked an unprecedented pricing for the emirate of Dubai, Arabian ...

 Jun 30 2015 - Saudi USD11.6b KAFD completion date remains undecidedMENAFN
(MENAFN) King Abdullah Financial District (KAFD), the USD11.6 billion smart city of Saudi Arabia, has always been praised as a compelling attraction for visitors but its completion date remains yet ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help