Algeria intends to pump nearly $50 billion into hydrocarbon projects in the next four years within plans to expand its oil and gas supply capacity, a senior oil official has said.

The state-owned Sonatrach will invest nearly $8.8 billion in 2024 as part of the four-year investment programme stretching till the end of 2027, its CEO Rachid Hachichi told the Qatari News Agency in weekend statements.

Hachichi disclosed that nearly 71 percent of the funds would be devoted to exploration and production, 18 percent to petrochemical projects, 5 percent to gas liquefaction and the rest to expansion of the country’s pipeline network.

Hachichi told QNA that Algeria’s gas exports totaled nearly 35 billion cubic metres (bcm) in 2023 and there are plans to supply the local and foreign markets with nearly 110 bcm annually over the next five years.

He noted that Algeria’s gas production capacity is estimated at 136 bcm per year besides around 29 million cubic metres of liquefied natural gas and 9.4 million tonnes of gas liquids per year.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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