Within the next 10 years or so oil and gas in Algeria production is said to DOUBLE!!
The North African nation is constantly discovering oil and gas in the eastern region where most of its producing fields are positioned. Algeria aims to grab all opportunities in this regard by advancing exploration in the south-western region, start offshore drilling and develop shale and tight gas reserves. The country’s mature basins in the southeast of the country have made substantial discoveries.
New oil and gas discoveries have certainly added at least 1 billion barrels to the reserves of Hassi Messaoud which is Algeria’s oldest field that supplies about a third of its oil production.
The ministry of Algeria is in the process of examining little-explored regions in the southwest of the country, where some oil and gas finds were made two weeks ago. An auction of onshore exploration rights, initially planned in February, should be held in roughly two or three months as a means to manage and maintain the exploration effort and an offshore well will be drilled for the first time next year.
The country has had between 300 and 500 technically recoverable trillion cubic feet of gas in tight gas, and is undergoing the evaluation of shale gas in the country and it’s above 700 tcf.
Algeria is keeping export volumes unchanged by finding new customers to offset a drop in European fuel consumption that hurt sales to the continent. Algeria’s government and officials have fully accepted the choice to reduce our exports to these countries for a small period of time but generally wont reduce the country’s production. Algeria has begun exporting some quantities of oil and gas to new markets across the world – both international and within the African continent.