OPEC member Algeria is planning to invest nearly $42 billion in the hydrocarbon sector during a 5-year development plan ending in 2027, its Oil Minister has said.

Miohamed Arkab told Algeria’s Asharq news website that the state-owned company Sonatrach would invest the funds with the aim of expanding production of oil and gas, setting up new petrochemical projects and exploring new areas.

About $14 billion will be spent on gas projects, $3.5 billion on petrochemicals and nearly $500 million on environment protection projects, the Minister said, adding that the rest would cover exploration and increasing oil and gas reserves.

Arkab said new gas wells in Algeria went on stream in 2023 and more will be commissioned before the end of this year to boost the country’s gas production by nearly 4 billion cubic metres.

Algeria, one of the world’s biggest producers of gas, produced around 102 billion cubic metres in 2022, of which 50 billion were exported, according to the website.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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