Algeria expects to attract $ 50 bn-$ 75 bn investments

Apr 01, 2004 02:00 AM

Algeria expects to attract between $ 50 bn and $ 75 bn of investments in the oil and gas sectors, says a US report prepared by a specialised research centre in Huston.
These investments will transform Algeria into the most important economy in North Africa, in view of its mineral reserves that cover the two thirds of the country’s surface area and its oil reserves estimated at 43 bn barrels.

The report is based on studies conducted by experts on the nature of the oil and gas deposits in Algeria, the development of recently discovered deposits, as well as the infrastructure and the oil and gas pipeline network.
The document observes that these achievements over the past years helped to increase the production capacity from about 1.4 mm bpd in 1997 and 1.9 mm bpd in 2002. The output is expected to reach 2.4 mm bpd in 2004.

Gas production will also increase following the development of recently discovered deposits and launched projects.
Algeria, whose oil reserves are twice more thanwhat exists in the Northern Sea, is set to become s major source of energy in the world, concludes the report.

Source: AngolaPress
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