Algeria : Sonatrach announces $50 billion to develop the oil and gas sector between 2024 and 2028

Algeria’s national hydrocarbons company, Sonatrach, plans to spend $50 billion between 2024 and 2028 to develop the oil and natural gas sector, particularly in upstream activities, declared its CEO, Rachid Hachichi, in a speech dedicated to the company’s 60th anniversary.

Founded in 1963, Sonatrach is Algeria’s largest company and one of the main players in the hydrocarbon market in Africa and the Mediterranean region. Last year, Sonatrach’s exports reached $60 billion and investments $5.5 billion. In recent years, the company has continued to post growth in key indices. Crude extraction, for example, has risen by 2% in one year, from 185.2 million tonnes in 2021 to 189.9 million in 2022.