Sonatrach Announces Two New Discoveries in Algeria

01-02-2008

Sonatrach announces on Monday it had made new oil and gas finds, and that was the 20th hydrocarbon discovery in 2007 in Algeria. 

One of the new discoveries was made in association with a consortium of Thailand's PTT Exploration and Production PCL (PTTEP) and Vietnam's Petrovietnam at blocks 433a-416b in Amguid Messaoud basin, it said in a statement posted on its Web site.

Tests showed a flow rate of 5.63 cubic metres of oil per hour and 1,180 cubic metres of gas per hour.

The second find was made by Sonatrach alone at block 438c in Oued Mya bassin and showed a flow rate of 22.3 cubic metres of oil per hour and 3,107 cubic metres of gas per hour, it added.

OPEC-member Algeria made a total of 18 discoveries in 2006.

Algeria, the world's 15th-biggest oil reserves owner and a major gas supplier to Europe, produces about 1.4 million barrels of crude oil per day and plans to reach 2 million barrels per day by 2010.

Its gas output is estimated at 62 billion cubic metres per year, and is expected to reach 85 billion cubic metres by 2010.