Algeria's Sonatrach to invest $90.6bn in exploration

GMT 01:05 2015 Thursday ,26 February

Arab Today, arab today Algeria's Sonatrach to invest $90.6bn in exploration

Algeria's Sonatrach
Algiers - KUNA

Algeria's state-owned Sonatrach plans to invest USD 90.6 billion in oil exploration over the period 2015-2019, CEO and acting Director-General Said Sahnoun has revealed.
About eight percent of the sum will be used for fuel transport.
The company will intensify exploration activities to cover an area of 26,000 square kilometers annually, with an average of 125 wells every year till 2019, Sahnoun told the Algerian Radioon Wednesday.
Meanwhile, Sonatrach has discovered three new oil wells "of good quality" in 2015, with potential production of 3,000 to 4,000 barrels daily, he said.

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