São Paulo – Exports of hydrocarbons (oil, gas and their products) by Algeria’s state-owned oil firm Sonatrach are seen reaching 109 million tons of oil equivalent this year, up 11% from 2015, news agency Algérie Presse Service (APS) reported this Wednesday (7).
“This growth reflects an increase in our primary hydrocarbons output in the second half of 2016,” said Sonatrach CEO Amine Mazouzi, according to APS.
Crude oil output hit 1.135 million barrels per day in November, up from 1.051 million in 2015 and 1.056 million in the monthly first-half average. Moreover, Sonatrach recovered its historical annual output capacity of 200 million tons of oil equivalent as of October, and should surpass the 207 million ton mark this month.
“This growth shows Sonatrach’s willingness to strengthen its position in its traditional markets, and should be marked primarily by natural gas,” said Mazouzi. “Thanks to this export level, Sonatrach will be able to compensate the effect of the price slump for Brent oil, which went from USD 51 in 2015 to USD 43 in 2016,” he added, citing London prices.
APS said the company intends not only to enhance its share in usual markets, but to break into new countries, especially emerging ones in the Middle East and the Eastern Mediterranean.
*Translated by Gabriel Pomerancblum
