APS : Thursday, 19 January 2017
LONDON- More than 32 hydrocarbon discoveries were made in 2016, said Chief Executive Officer of Sonatrach Amine Mazouzi in an interview published in the report Algeria 2016 of the British group of economic expertise Oxford Business Group (OBG).
Mazouzi underlined that Sonatrach has made more than 32 discoveries in 2016 against only 22 discoveries in 2015, noting that 70% of the group’s investments are devoted to search, exploration and development of deposits.
In addition to the renewal of oil and gas reserves, the investments of Sonatrach are devoted, among others, to the increase in production, development of deposits, gas liquefaction, refining and development of oil and gas products and finally marketing and exploration of new markets, he underlined.
Mazouzi also said that despite the drop in oil prices, Sonatrach maintains an “ambitious” investment programme of more than US$70 billion for the next five years in order to increase its reserves in Algeria and abroad, to ensure the country’s energy security and retain its reputation as a “reliable” exporter of primary hydrocarbons.
“For the execution of this investment programme, we will resort to self-financing. For petrochemistry projects, we will achieve them in partnership,” he underlined.
One of the group’s main missions is to ensure energy security of the national market, he said, underlining that his company has committed to developing three new refineries in the north of the country.
The commissioning of the first refinery is scheduled for 2020.
Sonatrach will recover its historic role as exporter of diesel oil and petrol as from 2019-2020, he said.