Volume 2, issue #7 - 12-03-1997

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Algerian proven reserves 9 bnt of crude and 5 tcm of gas

Feb. 27, 1997 Proven Algerian hydrocarbons reserves at the end of 1996 amounted to 9 billion tons of crude and 5 trillion cubic meters of natural gas, Algerian energy and mines minister Ammar Makhloufi said. Speaking on the occasion of the 26th anniversary of the nationalisation of hydrocarbons in Algeria, he said proven and probable reserves realised during the year totalled 168 million tons of oil equivalent. Makhloufi added that the rate of recovery, presently at around 28 %, could reach 35 to 40 % in the year 2000. He highlighted the significant results registered by the country's hydrocarbons sector in 1996. Mainly the higher crude prices, the rise in global energy demand, and the implementation of domestic partnership projects concluded with foreign firms allowed such a performance. Makhloufi stressed that the joint projects had positively influenced the level of petroleum receipts, which rose to $ 12.6 bn last year from $ 9.8 bn in 1995.