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31/10/2016 - 18:23hs

Sonatrach increases exports and makes new discoveries

The state-owned oil company shipped 89 million tons of oil equivalent until the end of October, up 9% over the same period of 2015.

Algiers – Algeria’s oil state company, Sonatrach, exported 89 million tons of oil equivalent (TOE) from January to October, an increase of 9% over the same period of last year, according to Amine Mazouzi, the company’s president and CEO. He added that the company’s output also went up.

“In 2016 both output and exports increased, which allowed us to conquer new markets,” said the executive. Output grew by 80,000 barrels per day after the first six months and reached a record level in October.

According to him, Sonatrach developed a program to increase production capacity and to market diversification. As example, Mazouzi mentioned the markets of Cuba, Brazil, Australia, India and Asia in general.

Hydrocarbons (oil, gas and their products) exports by Algeria to Brazil exceeded 3.5 million tons from January to September, up 51% over the same period of 2015. In value, the total was USD 1.33 billion, an increase of 2% in the same comparison. The data is from Brazil’s Ministry of Industry, Trade and Services (MDIC).

In the natural gas sector, the executive said that Sonatrach’s exports increased 40% this year.

Mazouzi highlighted the fact that 28 discoveries were made from January to September by Sonatrach, with 25 of these being equivalent to 177.47 million tons of oil equivalent in proved and probable reserves, and 401.37 million of TOE in proved, probable and possible reserves. The other three are still under analysis.

*Translated by Sérgio Kakitani

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