Algeria announced on Monday the discovery of a new gas field, of “between 100 and 340 billion cubic meters condensed“, the largest found in 20 years.
“Sonatrach -the Algerian state-owned hydrocarbon company- announces that it has revealed significant hydrocarbon potential in the Lias Carbonate -LD2- deposit in the exploitation perimeter of Hassi R’Mel“, the company said in a statement.
“These volumes constitute one of the largest revaluations of reserves that have occurred during last 20 years“, he added.
The Algerian economy depends mainly on hydrocarbons which account for 96% of its total exports- and until this year it was the main supplier of gas to Spain and continues to be one of the main suppliers to Europe.
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“The program of development works is underway to confirm estimated volumes and quickly track production of around 10 million cubic meters per day from November 2022,” Sonatrach said.
Algeria is being targeted by European countries seeking diversify your energy sources in the face of dependence on Russian gas, ever since the invasion of Ukraine began.