Algeria looks to spend $100 billion to boost output

摘要

Algiers—Algeria’s state-owned Sonatrach plans to invest $100 billion by 2018 to reverse the country’s recent decline in oil and gas production and lay the ground for the start of shale gas production, according to the official Algerian news service APS. The investment is aimed at boosting the company’s oil and gas production to 225 million mt/year of oil equivalent by 2018. Oil and gas production is currently falling in Algeria amid low exploration activity and foreign investment, with Sonatrach’s output dropping from 232 million mtoe in 2008 to 194.5 million mtoe in 2012, according to official data.