Algeria''s gains USD 16 billion from oil sales in 1st quarter 2006


MENAFN - Kuwait News Agency (KUNA) - 02/05/2006

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Algerian Energy and Mining Minister Chekib Khalil said Tuesday that Algeria has achieved revenues of USD 16 billion from oil sales during the first quarter of 2006.

Speaking to Algerian radio, Khalil said if this rate continues, Algeria's revenues from oil products during 2006 will exceed the USD 45 billion gained in 2005, adding that Algerian crude oil has reached an all time record of USD 54.4 per barrel during this year.

While saying that increasing Algeria's oil production has contributed greatly to such soaring revenues, he noted that Algeria is the second largest exporter of gas to Europe after Russia.

Algeria's gas reserves are estimated between four and 4.5 trillion cubic meters.

According Algeria's Sonatrach oil firm, oil production hiked from 1.32 million barrels-per-day (bpd) in August to 1.38 million bpd in September in 2005.

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