BY: Dr. Hana Saada
ALGIERS- In a comprehensive address to the People’s National Assembly’s Committee on Economic Affairs, Development, Industry, Trade, and Planning, Energy and Mines Minister Mohamed Arkab underscored Algeria’s vast and diverse potential in the energy and mining sectors. He emphasized the government’s commitment to leveraging this potential to achieve developmental goals outlined in the Government’s action plan, aimed at diversifying the national economy and enhancing citizens’ livelihoods.
Arkab outlined the overarching goals of Algeria’s energy and mining sector development policy, emphasizing the importance of ensuring energy security, providing raw materials to economic sectors, and contributing to national economic growth. Transitioning towards renewable energy sources is a top priority, with a focus on rationalizing energy use to preserve natural resources for future generations.
Highlighting legislative and institutional frameworks as crucial enablers, Arkab noted ongoing efforts to revise mining and electricity laws to enhance the business climate, attract domestic and foreign investors, and incorporate provisions for renewable energy and energy transition.
The minister provided insights into key economic indicators, indicating a 3.3% increase in commercial hydrocarbon production compared to 2022, with significant growth in natural gas production due to new field exploitation. Notably, Sonatrach’s exploration efforts led to 15 new discoveries in 2023.
Arkab also detailed growth in the mining sector, with increased production of iron, phosphate, salt, marble, and gold. Domestic energy consumption rose by over 2%, driven by higher demand for petroleum products.
In terms of investment, Arkab highlighted a significant increase in 2023, with over $9 billion allocated, primarily towards hydrocarbon sector development. These investments aimed to expand electricity production capacity to meet national demand, with significant progress in rural electrification.
Despite increased hydrocarbon exports by volume, lower oil prices resulted in reduced export revenue in 2023. However, oil revenue saw a modest increase.
Arkab underscored the government’s commitment to diversifying the economy through enhanced mining sector development. Efforts include geological surveys, modernizing mining inventory, and advancing astrological research projects across the country.
Moreover, Arkab outlined ambitious plans for renewable energy development, aiming for a total capacity of 15 GW by 2035, with substantial investments mobilized for the initial phase. He highlighted Sonelgaz’s hybridization program for solar-powered plants in southern regions, aimed at reducing fossil fuel consumption.
Additionally, the minister emphasized Algeria’s commitment to reducing greenhouse gas emissions by 22% by 2030 and promoting water security through seawater desalination projects.
Arkab concluded by affirming Algeria’s active engagement in international cooperation, particularly within OPEC and regional organizations. Algeria advocates for market stability and dialogue between producers and consumers to facilitate a robust and equitable energy transition.
In summary, Arkab’s address outlined Algeria’s comprehensive approach to energy and mining sector development, environmental stewardship, and international cooperation, signaling the nation’s commitment to sustainable growth and prosperity.
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