Oil: Algeria not willing to increase output

 

Algeria does not intend to increase its oil output in this period marked by a fall in the price of the barrel, Energy Minister Noureddine Boutarfa announced Monday, stressing that the goal consists in developing production in the medium and long terms.

Sonatrach group’s current goal “consists in developing oil production in the medium and long terms. Therefore, we do not find it useful to soar output while the price of the barrel varies between USD 50 and 55,” said Boutarfa at a press conference on the sidelines of his working visit to the province of Bouira.

In response to a question on the recent appointment of a new CEO for Sonatrach, the minister said it was “a normal change” aiming to allow Sonatrach meet its goal, namely developing production in the medium and long terms.

“Each period has its officials. This is a normal change for Sonatrach which aims to develop production in the medium and long terms, particularly in the current context,” said Boutarfa, who inaugurated energy project in the province of Bouira.

The minister seized this opportunity to reiterate his support to the new CEO of Sonatrach to give a new impetus to project nationwide, saying his department and Sonatrach work for successful and non-defaulting tenders.

“The current context marked by a decrease in oil price does not require the launch of tenders for oil project. We prefer to invest part of participation and partnership,” explained the minister who inspected 0the Sonatrach pumping station project in Beni Mansour.

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