Monday, August 3, 2015

Algeria raise oil production to 32 thousand barrels with a new two fields

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Algerian Energy Ministry official said on Sunday, Algeria is a member of the Organization of "OPEC" increased crude oil production of 32 thousand barrels per day after the start of production Bhkulain new.
The official said production rose well when lions field began production of 20 thousand barrel per day in addition to 12 thousand barrels per day from the well of an elderly Hassi Messaoud field in the area. Algeria had been produced on average 1.1 million bpd in July, according to a Reuters survey. Algeria has struggled to attract foreign investment in the oil sector to increase production that has become the deadlock for years and granted licenses to only four of the 31 areas in the region posed a bidding round in September 2014. She said the Algerian national energy company Sonatrach, it is committed to a plan to invest $ 90 billion over the next five years, despite the fall in oil prices in global markets. Algeria depends on energy in 60% of the overall budget while constitute oil and gas exports 95% of total exports. Sonatrach holds a 25% stake in the well field lions, while Thai holds 35%, 40% and PetroVietnam in the field that estimated reserves of about 758 million barrels. Sonatrach holds 25% in the elderly well field, while Malaysia's Petronas owns 35%, and 40% Thiebsa Spanish in the field that reserves of 144 million barrels.

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