Algeria’s Sonatrach Reports 14 Hydrocarbon Discoveries in 2024, Enhancing Algeria’s Energy Reserves

✏️ BY: Dr. Hana Saada

Algiers, Algeria | August 16th, 2024 — As of late July 2024, Sonatrach, Algeria’s largest oil and gas company, has made 14 significant discoveries of oil and gas, reinforcing the country’s hydrocarbon reserves. This achievement underscores Sonatrach’s ongoing commitment to exploration and resource renewal.

In a recent appearance on the Algerian television program “Likaa Télévision,” Sonatrach’s CEO, Rachid Hachichi, revealed that the company’s exploration efforts have yielded these 14 discoveries. He anticipates that this number could increase by the end of the year as exploration activities continue.

“These discoveries are crucial for the continuous replenishment of our national hydrocarbon reserves,” Hachichi stated. “Our goal is to renew all consumed quantities according to our strategic plan.”

Sonatrach’s strategy involves not only enhancing primary production capacities but also stimulating various value chains such as petrochemicals, transportation, and marketing. This approach aims to meet domestic market demands while expanding export opportunities through diversified international partnerships.

Hachichi attributed the increased foreign interest in Algeria’s energy sector to the country’s economic stability and growth. He highlighted recent exclusive agreements signed by Sonatrach with several major global energy companies, including ExxonMobil and Chevron (USA), Sinopec (China), and ENI (Italy).

“We are engaged in significant discussions with major energy companies interested in investing in Algeria, thanks to the country’s attractive and stable economic environment,” Hachichi added.

This series of discoveries and strategic agreements reflects Sonatrach’s robust exploration and development strategy, which is essential for sustaining Algeria’s role as a leading player in the global energy market.

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