(MENAFN- Qatar News Agency) A new oil field containing an estimated 1.3 billion barrels has been discovered in Algeria, Energy Minister Youcef Yousfi announced.
The energy minister told the state-run news agency that the discovery near the large oil fields in the southern region of Hassi Messaoud is one of the most important in the last 20 years
He added that the state oil company, Sonatrach, will rely on unconventional techniques to extract 50% of the reserves, including hydraulic fracturing, also known as fracking
The field will be exploited in the next three to four years following the necessary studies, the report added
Algeria, an energy giant in Africa that already is one of the largest natural gas suppliers to Europe, had been concerned about declining oil reserves
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