Algeria – one of Africa’s largest oil and natural gas producers – will showcase its LNG, conventional and unconventional oil and gas exploration opportunities during a North Africa-focused roundtable at the Invest in African Energy (IAE) forum in Paris.
The country is already Europe’s third-largest natural gas supplier and aims to increase LNG and pipeline exports on the back of exploration drilling from global majors and new gas supply deals. Algeria yielded 10 oil and gas discoveries in the first half of 2023 alone, with the majority located nearby existing facilities and able to be fast-tracked into production. ExxonMobil is currently in advanced discussions with national oil company Sonatrach to explore for hydrocarbons in Algeria, while Chevron is in talks to tap into Algeria’s gas-rich Ahnet, Gourara and Berkine basins. Indonesia’s national oil company Pertamina announced plans last July to invest more than $800 million in the development of the Menzel Lejmat Nord block, which will see the drilling of 12 oil wells Block 405a, alongside a solar energy project and construction of an LPG extraction plant.
IAE 2024 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.invest-africa-energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
Meanwhile, Algeria plans to invest $50 billion in oil and gas projects between now and 2027, aiming to boost production from flagship assets like the Hassi R’Mel gas field, as well as bring new output online. Last August, Sonatrach announced the start-up of three key fields – Hassi Ba Hamou, Hassi Tidjerane and Tinerkouk – that make up phase two of the country’s southwest gas project. SLB has also affirmed interest in expanding its activities in Algeria, implementing new digital solutions and EOR technologies to achieve Algeria’s oil and gas targets.
In addition to natural gas, Algeria is eyeing opportunities in green hydrogen. Home to vast wind and solar resources, the country aims to supply 10% of green hydrogen consumed by the EU by 2040. To reach this target, Algeria has set up a task force with Germany to facilitate a framework for hydrogen exports, which comes as Germany signed its first and historic deal last February to acquire Algerian gas. As a result, Algeria features substantial investment opportunities related to expanding gas supplies, strengthening export infrastructure and enhancing connectivity to Europe.
