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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Algeria to Invest $50 Bln in Oil Exploration


Sat 23 Dec 2023 | 11:11 PM
Israa Farhan

Algeria's state-owned company, Sonatrach, has revealed plans to allocate $50 billion in investments between 2024 and 2028 for the exploration, exploitation, and development of hydrocarbons.

During celebrations marking the 60th anniversary of the establishment of the Algerian company, Sonatrach's CEO, Rachid Hachichi, announced the company's commitment to enhancing its capabilities in the field of investment, particularly in upstream activities, including exploration, discovery, and production.

Out of the $50 billion earmarked for this purpose, $36 billion will be directed toward exploration and production.

Sonatrach is looking to expand its investment portfolio by diversifying its activities into the petrochemical industry, particularly in the production of polypropylene.

Additionally, the company is undertaking a significant integrated project for phosphate production. Once completed, this project is expected to position Algeria as one of the leading regional and global fertilizer producers.

The substantial investments planned by Sonatrach underscore Algeria's commitment to further solidify its presence in the global energy market.

As the world continues to grapple with evolving energy dynamics, Algeria aims to leverage its abundant hydrocarbon resources to contribute significantly to the sector's growth and development.