Algerian exploration and production company Sonatrach has committed to drilling 125 wells a year in renewed attempts to boost oil and gas production over the next five years.
Algeria is the largest in territory OPEC country but has had a stagnated crude oil and gas production in recent years.
This is largely due to a lack of foreign investment hindered by bureaucracy and security concerns, according to Reuters.
The North African country is also expected to begin gas production in six fields in the next three years.
The Amenas plant, which produced about 11.5% of Algeria’s gas before an attack by militants nearly two years ago, would return to full production.
Sonatrach’s interim chief Said Sahnoun said that the company would invest about $80bn by 2019 to boost production to 637mn cu/m of oil equivalent, adding that he did not expect lower oil prices to affect spending plans.
The state-owned firm’s executive added that he plans for a transportation network and a focus on less mature fields around Illizi, Berkine, Hassi Messaoud and Hassi R’mel areas.
“I remain optimistic about our energy output for the coming years and we are ready to work with all of our partners,” Sahnoun noted.
In 2013, Algeria’s total production was 543mn cu/m of oil equivalent, including 342.6mn cu/m from natural gas, 19.2mn cu/m from crude oil and 3.3mn cu/m from condensate.
Sid Ali Betata, head of Algeria’s hydrocarbons agency, said that a new round was still being studied.
Foreign consortiums including Spain’s Repsol, Shell and Norway’s Statoil launched exploration efforts in four of the 31 areas in the country’s first attempt to attract investors since 2011.
Gabino Lalinde, director of Repsol, said the Spanish company and its partners will invest $2bn between May 2015 and May 2017 to begin production at the Reggane gas field with a capacity of 8mn cu/m per day.
