Algeria ranks first among countries in terms of oil exploration in Africa

Algeria topped the oil and gas exploration investment indices at the Arab level during the first quarter of 2022, said a statement from the Organization of Arab Petroleum Exporting Countries (OAPEC) after the discovery by the Sonatrach group of three oil explorations.

The first discovery took place in the Berkine basin at “Zemlet El Arbi”, with initial estimates of around 140 million barrels, while the second discovery at “West of Oglet Naceur 2”, at Touggourt, following which the positive result of this well allowed a revaluation of volumes to 961 million barrels, with a contribution from the demarcation well “west of Oglet Naceur 2” with a capacity of 415 barrels.

The third discovery took place in the region of El Ouabed in the wilaya of El Bayadh through the well “Ouled Sidi Chikh 1”, producing some 925 barrels of oil per day and 6456 cubic meters of gas / day.

The Sonatrach group also topped the annual ranking of the “500 best African companies”, carried out by the magazine “Jeune Afrique” in 2022, as the first African company, thus confirming its leadership on the African continent.

Sonatrach has been able to maintain its level of performance and overcome the repercussions of the health crisis on the international economy, achieving a turnover of 34.5 billion USD in 2021, notes the same source.

The Sonatrach group recorded a 5% increase in production in 2021, as well as an increase in its exports of around 18%.

Imports have, however, experienced a 70% drop, in the sense that Sonatrach did not import any amount of fuel in 2021.

Source Algeria Press Service