Algiers, Algeria | – Algeria has increased crude oil output by 32,000 barrels per day (bbl/d) after starting production at two fields, an energy ministry official said Aug. 2.
Production increased Aug. 1 when the Bir Sebaa Field started producing 20,000 bbl/d in addition to 12,000 bbl/d from the Bir Msana Field in Hassi Messaoud area, the official told Reuters.
Algeria produced an average 1.1 MMbbl/d in July, according to a Reuters survey.
It has struggled to draw foreign oil investment to increase output that has stagnated over the past years, awarding only four out of 31 blocks on offer in a bidding round in September 2014.
State energy firm Sonatrach has said it would stick to a plan to invest $90 billion over the next five years despite a crude oil price slump on global markets.
Algeria relies on energy for 60% of its budget, and oil and gas exports account for 95% of total sales abroad.
Sonatrach holds 25% stake, Thailand’s PTTEP 35% and Petrovietnam 40% in the Bir Sebaa Field, where reserves are estimated at 758 MMbbl.
Sonatrach owns 25% stake, Malaysia’s Petronas holds 35% and Spain’s Cepsa 40% in the Bir Msana Field, whose reserves are at 144 MMbbl.
Reuters.
