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