07 February 2012, Sweetcrude, ALGIERS – Algeria’s state-run Sonatrach plans to boost its oil and gas production with $68 billion investments in the next four years, chief executive officer, Abdelhamid Zerguine, has said.
“We plan to invest $68 billion between now and 2016. This includes several activities,” Zerguine was quoted by Reuters as saying.
Algeria currently produces 1.2 million barrels per day of oil. It boasts a spare capacity of 200,000 barrels per day.
Planned field developments are expected to add 100,000 barrels per day in new capacity by 2015. The increased output is expected to come largely from the development of the El Merk field.
Algeria is also building two new liquefied natural gas plants with a combined capacity of just over 10 million tonnes per annum as part of its gas export expansion programme.