When it came to the oil and gas industry, Algeria plays a crucial player since it is the leading natural gas producer in Africa. It is also the second largest natural gas supplier to Europe. It ranks fourth in the world’s exporter of oil and gas. As for its economy, the oil and gas industry contributes to 97% of Algeria’s export revenue and 60% of Algeria’s budgeted resources.
Source: Africa TVC News
Unfortunately, the country has experienced stagnation in its oil and gas output. Algeria had trouble inviting foreign energy companies to help explore new fields.
There’s good news though. According to Sonatrach, there will be an increased production in many fields. It’s expected to have its oil output to increase from 69 million tonnes this year compared to last year’s 67 million tonnes. The gas production will rise to 132 billion cubic meters.
Source: Aljazeera via Africa TVC News
