Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Algeria to Launch First Offshore Oil Drilling in 2023


Mon 10 Jan 2022 | 12:02 AM
Taarek Refaat

Algeria intends to launch the first offshore drilling operation for oil exploration in 2023, the official news agency quoted deputy chairman in charge of strategy and planning Rachid Zerdani as saying on Sunday.

Toufic Hakkar, CEO of Sonatrach had recently told local television that Algeria would invest $39 billion in the energy sector between 2022 and 2026, to maintain its hydrocarbon production.

Hakkar added that out of the $39 billion, $6 billion will be invested in 2022.

It is noteworthy that 95% of Algeria's foreign revenue comes from oil and gas sales.