Algeria’s state-run energy producer plans to boost crude oil output by 14 percent and invest $50 billion in exploration projects.
The head of the company’s associations division Farid Djettou said Sonatrach Group will invest $9 billion from 2017 to 2021 in its search for new deposits of oil and natural gas.
He added that Sonatrach will drill an average of 100 wells annually over the same five years and plans to invest more than $50 billion in all of its operations during this period.
Sonatrach’s annual production will exceed 230 million tons of oil equivalent by 2021, with foreign companies increasing their yearly output by 10 million tons of oil equivalent.
