Sonatrach intends to invest more than 30 billion dollars in the exploration and production of hydrocarbons, particularly natural gas, to improve the supply of the world market, indicated the group’s CEO, Toufik Hakkar.
Speaking in an interview granted to the specialized publication on energy issues “MEES” (Middle East Economic Survey), Mr. Hakkar assured that “as part of Sonatrach’s five-year investment plan (2023-2027) of the order of 40 billion dollars, more than 30 billion dollars will be allocated to exploration and production with the objective of increasing production in the short and medium term and preparing a portfolio of future projects, in particular for the natural gas”.
“These investments will help us improve our energy security and reliably supply the global market,” he said. Sonatrach also plans, within the framework of the investment plan, to invest more than 7 billion dollars in refining, petrochemical and gas liquefaction projects, projects which will promote, according to Mr. Hakkar, “the creation of added in Algeria and will strengthen our export potential”.
Nearly 1 billion dollars will be devoted, he also underlined, to projects aimed at the company’s contribution to the energy transition. These include flared gas recovery projects at production sites and LNG complexes, photovoltaic solar electricity projects to supply production sites, and pilot projects for the production and transport of hydrogen green.
Referring to the world gas market, the CEO of Sonatrach highlighted Algeria’s objectives through Sonatrach to become one of the most important sources of gas supply in the world, thanks to substantial reserves of natural gas and to the recent increase in production.
