APS : Thursday, 14 April 2016
ALGIERS- Minister of Energy Salah Khebri predicted Thursday a gradual increase in national hydrocarbon production, expected to reach 241 million tonnes of oil equivalent (TOE) in 2020,
as a result of the big investments planned for the current five-year period, estimated at USD73 billion.
“Decline in hydrocarbon production is commonplace, but the high oil prices in international markets have covered such a fall,” Khebri said in a question and answer session at the upper house of Parliament on the maintenance of oil fields and relating gas fields.
“Algeria’s hydrocarbon production reached 225 million TOE in 2004, before standing at 233 million TOE in 2007,” the minister underlined.
“Production dropped in 2008 and hovered around historic lows in 2013 with 186.7 million TOE, before resuming its upward trend.”
“Oil output is expected to reach 197 million TOE in 2016, 210 million TOE in 2017, 215 million TOE in 2018, 225 million TOE in 2019 and 241 million TOE in 2020, a level never reached before in Algeria,” according to the minister.
All necessary measures have been taken to boost production from next year, Khebri said, adding that those figures will be reached thanks to the huge investments planned for the current five-year period.