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Roil: Algeria has 1.34 billion tons of proven reserves
Date: Click quantity: 21

Mohamed Arkab, minister of energy said at Algiers that Algeria has 1.34 billion tons of proved reserves of oil, or 10 billion barrels. Minister Alkab stated on the guest programme of the editorial staff of National Radio Channel 3 that Algeria's proven oil reserves are 1.34 billion tons, or 10 billion barrels, and at current production rates we can still exploit them for 27 years." In addition to crude oil, Minister alkab said: "the natural gas reserves are 2.37 trillion cubic meters, including 260 million tons of condensate, equivalent to 4.1 billion tons of standard crude oil (TEP)." These reserves enable Algeria to develop its petrochemical industry, create wealth and contribute to economic recovery. In this case, he believes that the current annual production capacity is "appropriate", but Algeria needs to improve its production capacity in order to successfully meet the challenges of developing the petrochemical industry and complete the various plans that have been developed in the industry. In this regard, he stressed that Sonatrach began to explore its own fields and signed memorandums of understanding with the world's major oil companies to explore other fields. For minister Alkab, Algeria has the ability to cope with world oil crisis and its impact on economy