✏️ BY: Dr. Hana Saada
Algiers, Algeria | May 23, 2024 — During a plenary session at the Council of the Nation on Thursday, Minister of Energy Mohamed Arkab announced a substantial investment of $3.5 billion aimed at increasing Algeria’s hydrocarbon reserves and production from 2024 to 2028.
Expanding Hydrocarbon Exploration and Production
Minister Arkab highlighted that this significant budget allocation is designated for enhancing research and exploration activities, improving yield, and optimizing hydrocarbon exploitation operations through the implementation of new technologies. This initiative underscores Algeria’s commitment to strengthening its energy sector and securing its position as a key player in the global hydrocarbon market.
Investments in Solar and Hydrogen Energy
In addition to the substantial hydrocarbon investment, the minister disclosed that Sonatrach, Algeria’s state-owned oil and gas company, has mobilized a budget of $416 million for environmental projects. This includes $67 million earmarked for solar energy initiatives and $68 million for hydrogen energy projects. These investments are part of Algeria’s broader strategy to diversify its energy portfolio and embrace renewable energy sources.
Commitment to Reducing Greenhouse Gas Emissions
Minister Arkab reiterated Algeria’s dedication to reducing greenhouse gas emissions. The country aims to decrease its pollution-inducing gas emissions by 22% to 7% by 2030 and reduce the rate of gas flaring to 1%. This ambitious target will be achieved through collaboration with national and international partners and is in line with global efforts to combat climate change.
Massive Reforestation Program
One of the standout components of Algeria’s environmental strategy is an ambitious reforestation program initiated by Sonatrach. The program involves planting 420 million trees over an area of 520,000 hectares in the southern regions of the country. This initiative, to be carried out in partnership with the Directorate General of Forests, aims to mitigate the impacts of climate change, promote social and economic development, and create thousands of new jobs over the next decade.
Minister Arkab emphasized that this extensive reforestation effort is a critical element of Algeria’s strategy to address environmental challenges, foster sustainable development, and contribute positively to global environmental preservation efforts.
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