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
 Oct 23 2014 - Kuwait- Equates wins two regional sustainability awardsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's EQUATE Petrochemical Company has won two regional sustainability awards in recognition for its social responsibility and national cadres' skills ...

 Oct 23 2014 - Moroccan horse showThe Peninsula
(MENAFN - The Peninsula) Moroccan horsemen perform during the 7th edition of the "Salon du Cheval" (horse show) in the port city of El Jadida. ...

 Oct 23 2014 - Kuwaiti Jazeera Airways net profit up 22.6 percent in Q3MENAFN
(MENAFN) Kuwait-based Al Jazeera Airways group announced it has registered USD28 million in net profit for the July-September period of this year, an increase by 22.6 percent compared to the same ...

 Oct 23 2014 - Qatar- Lekhwiya defeat Al Wakra, Wolves heldThe Peninsula
(MENAFN - The Peninsula) Lekhwiya defeated Al Wakra 2-0 at their home ground here yesterday while Al Sadd were held 1-1 by Al Sailiya.Vadimir Weiss scored in the 68th minute for Lekhwiya and Ahmed ...

 Oct 23 2014 - Ooredoo Kuwait net profit falls by almost half in Q3MENAFN
(MENAFN) Ooredoo Kuwait, the country's No.3 telecom operator by subscribers, announced that its net profit fell by nearly half during the July-September period, Gulf Business reported.The ...

 Oct 23 2014 - Coach asks Qatar to give it all against DPR KoreaThe Peninsula
(MENAFN - The Peninsula) Qatar's coach Felix Sanchez Bas has called on his players to give their all one-last time ahead of today's AFC U-19 Championship final against three-time winners DPR Korea. ...

 Oct 23 2014 - Qatar- Handball: Doha gears up for Asian Club LeagueThe Peninsula
(MENAFN - The Peninsula) Defending champions Al Jaish - thanks to the draw - have managed to avoid a meeting with local opponents Lekhwiya and Al Gharafa in the group stage of the 17th Asian Clubs ...

 Oct 23 2014 - QIMC posts USD38.88m net profit in SeptemberMENAFN
(MENAFN) Qatar Industrial Manufacturing Company (QIMC) revealed the interim financial statements for the period ending in September 30, this year, QNA reported.The interim financial statements ...

 Oct 23 2014 - Qatar will deliver an impressive 2022 World Cup, says BrescianoThe Peninsula
(MENAFN - The Peninsula) Australian midfielder Mark Bresciano is confident that Qatar will deliver an 'impressive' World Cup eight years down the line.Bresciano, who has been playing for the last two ...

 Oct 23 2014 - Qatar- QP hosts team from Kuwait Oil CompanyThe Peninsula
(MENAFN - The Peninsula) Qatar Petroleum (QP) recently hosted a delegation from Kuwait Oil Company (KOC) who visited Qatar to gain insights on QP's marine activities and port operations.Mubarak ...

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