The Algerian state-owned oil and gas company Sonatrach announced on Saturday that it plans to invest $50 billion in oil exploration and development over the next five years, from 2024 to 2028.
Sonatrach CEO Rachid Hachichi said the investment is part of the company’s strategy to increase its production capacity and reduce its reliance on imports. The company is also looking to expand its portfolio into petrochemicals and other industries.
Of the $50 billion investment, $36 billion will be allocated to exploration and production. Sonatrach plans to drill 1,000 new wells and increase its oil and gas production by 50% by 2028.
The company is also investing in new technologies, such as artificial intelligence and automation, to improve its efficiency.
Sonatrach is a major player in the global oil and gas industry. It is the largest oil and gas company in Africa and the ninth largest in the world. The company produces about 1.2 million barrels of oil equivalent per day.
The investment announcement is a positive sign for the Algerian economy. It shows that Sonatrach is committed to investing in the country and helping to create jobs.
