Algerian state-owned oil company Sonatrach has made a new oil discovery in Hassi Ilatou well in Algeria’s Adrar province, state news agency APS reported on Wednesday.
The initial estimated volumes of this discovery is about 151 million barrels of oil.
This is a “very promising” result that will lead to further hydrocarbon exploration activities in the province of Adrar, APS reported.
Significant oil discoveries
This discovery marks the company’s fourth one this year.
In July, Italian major Eni and Sonatrach discovered significant oil and gas reserves in the Sif Fatima II concession, located in the Berkine North Basin in the Algerian desert. According to a statement from Eni, preliminary estimates of the size of the discovery stood at 140 million barrels of oil.
During the same month, the state-owned company signed a $4-billion contract with Italy’s Eni, US major Occidental and France’s Total to extend the production-sharing contract for the Berkine field.
On the sidelines of the event, Algeria’s President Abdelmadjid Tebboune said the nation wants to be “one of Europe’s electricity, solar and conventional energy suppliers”.
The country has ambitions to meet the energy needs of the European Union. Additionally, the country wants to step-up its production to navigate the volatility of hydrocarbon prices and give a new lease of life to the Algerian economy, which is ultra-dependent on its oil and gas industry.
Algerian oil production in September will rise to 1.57 million barrels per day after a decision by OPEC+ to raise its output by 100,000 bpd, Reuters quoted Algerian Energy Minister Mohamed Arkab as saying earlier this month.
