Algeria Announces Discovery of 'Important' Gas Deposit

Business

June 28th, 6:29am

Asharq Al-Awsat

In Amenas gas plant, 1,300 kilometers southeast of Algiers. (AFP file photo)

Algerian state energy firm Sonatrach announced Monday the discovery of an "important" deposit of gas condensate in the Hassi R'mel field in the Sahara desert. "Sonatrach announced today that it has identified a significant potential of hydrocarbons... at the level of the Hassi R'mel exploitation perimeter," a statement by the firm said. The deposit is estimated to have between 100 and 340 billion cubic meters of gas condensate, the statement said. "These volumes constitute one of the largest revaluations of reserves in the last 20 years," it added. Sonatrach plans to start operating the field in November, with production expected to reach 10 million cubic meters per day, AFP reported. Algeria has proven natural gas reserves of about 2.4 trillion cubic meters and supplies Europe with about 11 percent of its gas imports. Sonatrach said in February that it was prepared to increase supplies to Europe in the wake of Russia's invasion of Ukraine. In May, the Algerian firm signed a memorandum of understanding with Italian giant Eni to boost gas exploration in the North African country.

from Asharq AL-awsat https://english.aawsat.com/home/article/3728271/algeria-announces-discovery-important-gas-deposit