Algeria discovered a new gas field
Almaty. May 28. KazTAG - A new gas field has been discovered in the southwest of Algeria, reports Reuters.
“Algeria has made an important discovery of a gas field in the south-western province of Tindouf, which can help the country increase exports and maintain its market share abroad," - said Energy Minister Mohamed Arkab said on Monday.
According to Arkab, the field is capable of producing about 275 cubic meters of gas and almost 300 liters of condensate per hour. Further assessment of the field will be conducted by the state-owned energy company Sonatrach.
Algeria is reportedly a major supplier of gas to Europe, but the growth in domestic consumption and the inability to increase production in recent years has threatened its export volumes.
It also explains that Algeria’s economy is heavily dependent on gas and crude oil, and the government has developed a new energy law that offers incentives for investors in trying to attract foreign companies.
In recent years, many foreign investors have turned away from Algeria, citing the unattractive contract terms and bureaucracy.
Photo source: picture from the open source