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mercoledì 2 settembre 2015

Algeria raises to increase its natural gas production


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Algiers plans to increase its gas production by 13% within four years, despite the unfavorable conjecture in which the hydrocarbon industry is located.

"It is expected that the production of natural gas from Algeria in 2019 will increase by over 13% compared to 2014 and to meet the demand of the domestic market and increasing exports," insisted the Ministry of Energy in the latest edition of The Algerian Energy Review, a government publication.

Hydrocarbon production in Algeria is almost continuous decline since 2006. Last year, exports of natural gas from Algeria fell by -17% to 27.44 billion cubic meters, those oil crude oil and condensate from -16% to 28.35 million tons.

Plans

To stem the decline in oil and gas in Algeria, Sonatrach, the national hydrocarbons company, is considering a plan to invest $ 90 billion between 2015 and 2019.

However, the drastic decline in public revenue caused by the fall in oil prices could well bring Algiers to revise the development plan.

Last July, the government passed an amending budget for 2015, which provides for a 50% of export revenue: revenue from hydrocarbon exports are thus expected to 34 billion dollars, against 60 billion dollars and initially planned $ 58.5 billion in 2014.

2016, Algeria plans to reduce its overall costs by almost 9%, while the government promises not to touch the housing programs and recruitment in the public service.

Tense situation

"It is better to count our pennies but without stalling the economic engine that supports employment and purchasing power", pleaded the Algerian Prime Minister Abdelmalek Sellal, August 29. "The situation is more tense for public finances and for the balance of payments. This argues for actions in streamlining public expenditure and capital market development, "he added.

Alger expects a rate of 4.6% for 2016, against 3.6% this year, while the IMF is more pessimistic in estimating 2.5% in 2015 and 3.9% in 2016.

>>>> Find out in the new edition of Jeune Afrique (No. 2851), available on newsstands and in digital format, a detailed survey on the impact of the decline in oil prices on Algerian finances and social as well as political consequences that may arise.