Algeria’s energy sector witnessed a significant surge in investments, exceeding $9 billion in 2023, revealed Energy Minister Mohamed Arkab on Monday.
This marks a notable increase from the $8 billion invested in 2022, underscoring the country’s growing emphasis on bolstering its energy capabilities.
Despite the impressive investment figures, the nation experienced a 16% decline in fuel export revenues, totaling approximately $50 billion in 2023.
This downturn is attributed to the falling average oil prices, impacting the overall revenue from oil exports.
Minister Arkab highlighted the preliminary results indicating an improvement in Algeria’s economic indicators. Notably, the marketed production of hydrocarbons rose by 3.3% compared to 2022, reaching 169 million tonnes of oil equivalent.
This boost in production is supported by an increase in the output of all materials, particularly natural gas, following the commissioning of several new fields and deposits.
The year 2023 also saw about 15 new hydrocarbon discoveries, with the majority being credited to the national oil company Sonatrach.
These discoveries are pivotal for Algeria’s energy sector, promising to enhance the country’s resource base and future production capabilities.
Furthermore, domestic energy consumption saw a rise of over 2%, amounting to approximately 70 million tonnes.
This increase is fueled by a 4.7% surge in demand for petroleum products and a modest 1.2% rise in gas consumption. These figures reflect Algeria’s expanding energy needs and the government’s efforts to meet this growing demand while ensuring sustainable energy development.
