Posted by: ANADOLU AGENCY
We have already started to work on solar energy and will continue to do so in future, says Sonatrach CEO
Algeria aims to increase its natural gas production despite the fact that the country’s LNG capacity is sufficient to meet current demands, according to Abdelmoumen Ould Kaddour, CEO of Sonatrach, Algeria’s state energy company on Wednesday.
Kaddour told Anadolu Agency that Algeria has enough liquefaction capacity of natural gas for now, but the country will increase production in the future.
Solar energy also has an important place in Algeria’s strategy, he added.
“We already started to work on solar energy and we will continue to work on it in the future. I cannot say investment amounts or energy capacity, but definitely we will work on it,” he asserted.
Kaddour referred to operating in a low oil price environment, warning that every dollar cent is important for the company.
“That’s why we must be careful in terms of research. We need to be particularly optimistic about drilling,” he said.
The company aims to lower production and exploration costs within the lower oil and gas price environment.
Kaddour said at the Algerian ministerial session at the World Petroleum Congress, of which Anadolu Agency is the global communication partner, that with the introduction of a new hydrocarbon law next year, Algerian intends to boost energy partnerships in the country by offering favorable tax incentives to investors.
He noted that in parallel the company aims to improve current investment and working conditions for all investment companies in Algeria.
According to the Energy Information Administration, Algeria is the leading natural gas producer in Africa, the second-largest natural gas supplier to Europe, and is one of the top three oil producers in Africa.
Algeria is estimated to hold the third-largest amounts of shale gas resources in the world.
By Murat Temizer