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Friday, April 26, 2024 12:31 GMT
Sonatrach’s CEO said Saturday the company is doubling its efforts to increase hydrocarbons production in order to preserve Algeria’s energy security and its foreign exchange earnings. Toufik Hakkar said that it’s “imperative to renew the national reserves of oil and gas,” while keeping an eye out on costs, in view of the current market situation, Kallanish Energy reports.In a visit to sites, including the industrial zone of Hassi Rmel, the CEO checked up the rate of progress on works at the gas treatment and compression station of the center. The Hassi Rmel gas field could unlock around 400 Bcm of additional gas reserves to Algeria.The state-owned oil and gas company said last week it expects a sharp reduction in total exports to around 25-30 Bcm/y from 2030 onwards. Algerian energy minister Abdelmadjid Attar had suggested exports, which includes natural gas and LNG, could fall to 26-30 Bcm/y in 2025-2030. The top-gas producer to Europe is estimated to have exported a total of 40.9 Bcm of pipeline gas and LNG shipments last year.