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OPEC member Algeria plans to increase investment in its oil and gas sector by $2.
6 billion next year to boost production by 8.
9 million mt of
oil equivalent, Algerian Prime Minister Ayman Benabderrahmane said Monday.
Presenting the government's action plan, Benaberrahmane told parliament that total oil and gas investment in 2022 will increase from $7.
4 billion this year to $10 billion, aiming to increase production from 187 million tonnes of oil equivalent to 195.
9 million tonnes of
oil equivalent.
Algeria, which relies heavily on the energy sector, halved planned investment spending on oil and gas to $7 billion last year in response to financial pressures
from falling global crude oil prices due to the pandemic.
The government expects energy export revenues to rise to $33 billion
this year from $20 billion in 2020 after rising oil prices in the international market.
The action plan includes reforms to improve the investment climate, mainly in the non-energy sector, to help reduce Algeria's dependence on oil and gas, which account for more than 90 per cent of total export earnings and 60 per cent
of the national budget.
The plan also includes a commitment to keep the government's subsidy policy unchanged to avoid social unrest
.
OPEC member Algeria plans to increase investment in its oil and gas sector by $2.
6 billion next year to boost production by 8.
9 million mt of
oil equivalent, Algerian Prime Minister Ayman Benabderrahmane said Monday.
Presenting the government's action plan, Benaberrahmane told parliament that total oil and gas investment in 2022 will increase from $7.
4 billion this year to $10 billion, aiming to increase production from 187 million tonnes of oil equivalent to 195.
9 million tonnes of
oil equivalent.
Algeria, which relies heavily on the energy sector, halved planned investment spending on oil and gas to $7 billion last year in response to financial pressures
from falling global crude oil prices due to the pandemic.
The government expects energy export revenues to rise to $33 billion
this year from $20 billion in 2020 after rising oil prices in the international market.
The action plan includes reforms to improve the investment climate, mainly in the non-energy sector, to help reduce Algeria's dependence on oil and gas, which account for more than 90 per cent of total export earnings and 60 per cent
of the national budget.
The plan also includes a commitment to keep the government's subsidy policy unchanged to avoid social unrest
.
