Algerian Energy Minister Arkab Unveils Hydrocarbon Growth Figures at Opaep Conference
BY: Hana Saada
ALGIERS- Algeria’s Minister of Energy and Mines, Mohamed Arkab, attending the Opaep conference in Qatar, revealed significant growth in the country’s gas production for the year 2023. The boost, attributed to the commencement of several new deposits, amounts to 4 billion cubic meters compared to 2022. Arkab, in an interview with Asharq, emphasized that additional deposits are expected to come online before the year-end, facilitating increased gas exports to Europe and promoting more efficient energy utilization, particularly of natural gas.
“The rise in Algerian gas production aims at enhancing exports to Europe during the winter,” stated Arkab, acknowledging the challenges posed by current fluctuations in the global energy landscape. Providing an overview of Algeria’s gas production, Arkab reminded that in 2022, the country produced 102 billion cubic meters, with approximately 50 billion cubic meters, nearly half, allocated for exports and the remainder for domestic consumption.
Arkab’s appeal to foreign investors, especially European companies, emphasized sharing risks and costs to drive technological advancements in gas extraction and production. He underscored Algeria’s commitment to increasing primary hydrocarbon production, projecting a 2% annual growth from 2023 to 2027, reaching approximately 209 million tons of oil equivalent.
The minister disclosed details of Sonatrach’s investment program, totaling $42 billion for 2023-2027. A substantial 77% of this investment focuses on extraction activity development to prioritize reserves and boost primary fuel production, ensuring long-term fulfillment of domestic demand and export commitments. Over $14 billion is allocated for gas projects, $3.5 billion for petrochemical projects, and nearly half a billion dollars for environmental initiatives, such as gas recovery, solar power plants, and hydrogen projects.
Arkab also highlighted the upcoming 7th summit of the Gas Exporting Countries Forum (GECF) in Algeria in late February 2024. The agenda includes discussions on sustainable gas industry development, improving gas transport and export infrastructure, and strengthening commercial cooperation among member states. It presents an opportunity to address global gas market dynamics and propose strategies for independent resource planning and management by member states.
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