Algeria’s fuel production rose to nearly 170 million tons of oil equivalent in 2023, marking an increase of over 3% compared to 2022, leading to a 4% increase in export volumes. This was revealed in the preliminary results presented by the Algerian Minister of Energy and Mines, Mohamed Arkab, in Algiers during a hearing with the Parliamentary Committee on Economic Affairs.
Arkab highlighted that this improvement was supported by an increase in the production of all petroleum products, especially natural gas, due to the commissioning of some fields. He pointed out that there were about 15 new discoveries of hydrocarbons (fuel) in 2023, most of which were made by Sonatrach, the state-owned Algerian company.
Furthermore, Arkab disclosed that investment values exceeded $9 billion in 2023, up from $8 billion in 2022, with more than $5 billion directed towards developing the hydrocarbon sector.
He added that these investments also helped increase the total electricity production capacity to 25.4 gigawatts, meeting the domestic demand for this essential commodity, especially during the summer months.
