Sonatrach estimates Algerian oil reserves to be 11 bn barrels

Oct 01, 2005 02:00 AM

The director Algeria's state-run oil company Sonatrach, revealed that Algerian oil reserves are estimated to be 11 bn barrels.
At present, Algeria produces about 1.3 mm barrels of crude oil a day, which is expected to rise to 1.5 mm barrels by 2006. Algeria's share of oil exports through OPEC amount to about 850,000 bpd.

Due to new oil excavations and discoveries carried out by Sonatrach and a number of foreign oil companies, it is hoped that oil production in this country would climb to a high of 2 mm bpd by the year 2010.
Oil-related investments over the next five-year period are estimated at $ 12 bn.

Source: MENAFN
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