7th GECF Summit in Algiers- Sonatrach CEO Hachichi : “Gas, the Main Source of Energy Transition”
BY: Dr. Hana Saada
ALGIERS- The Chief Executive Officer of Sonatrach emphasized in an interview with Qatar News Agency (QNA) on the eve of the GECF meetings that natural gas stands as the least polluting fossil fuel and should be central to the global energy transition. Efforts will be directed towards positioning gas as the primary energy source well into the period extending to 2050 or 2060.
During the Forum of Heads of State and Government of Gas Exporting Countries, underway at the Abdelatif Rahal International Conference Center, Algeria will advocate for this stance. Additional measures will be undertaken to further reduce emissions and gas combustion, aligning with the objective of reducing the carbon footprint of the gas industry.
Rachid Hachichi highlighted Algeria’s commitment to expanding its gas production capacities to meet both domestic and international demands, particularly in the European market. Sonatrach, Algeria’s state-owned oil and gas company, is investing significant efforts to optimize production capacities, aiming to supply over 110 billion cubic meters annually over the next five years. The country boasts considerable liquefied natural gas (LNG) production capacity, reaching 56 million cubic meters, facilitating supply to clients across the Mediterranean basin, Western and Northern Europe, and Asia. Sonatrach relies on a fleet of seven LNG carriers for gas transportation.
Hachichi revealed Sonatrach’s production capacity, estimated at approximately 136 billion cubic meters annually of raw natural gas, along with 29 million cubic meters annually of LNG and 9.4 million tons annually of liquefied petroleum gas. Additionally, the production capacity of condensate gas stands at 8.3 million tons annually.
Addressing the competitive landscape among gas producers for the European market, the Sonatrach CEO acknowledged the evolving nature of the natural gas market, which amplifies competitiveness among producing countries.
Highlighting the significance of the seventh GECF summit hosted by Algeria, Hachichi disclosed Sonatrach’s 2024 investment of $8.8 billion within a four-year investment portfolio totaling $50 billion (2024-2028). The investments primarily target exploration and production sectors, comprising 71% of the total investment, followed by refining and petrochemicals at 18%, liquefaction and separation at 5%, and pipeline transportation at 4%.
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