Algeria's energy giant Sonatrach on Monday revealed that it has exported 97 billion cubic meters of natural gas in 2018.
It said that 42 billion U.S. dollars in investments are expected to flow in the next five years.
"Algeria has become the world's 10th natural gas exporter, which makes Algeria an indispensable actor in the global gas market," Sonatrach CEO Rachid Hachichi said during a gas industry forum in Oran, northwestern Algeria, reported the state-run APS news agency.
The international gas market is now marked by growing demands from China, India and Europe, which brings Algeria to achieve maximum benefit thanks to its distinct geographic location in the heart of the Mediterranean basin and at the gates of Europe, Hachichi said.
He called for harder work to preserve the volume of gas exports via the pipelines linking Algeria to Europe.
Hachichi said that Sonatrach has placed large investments in the areas of prospection and production worth 42 billion U.S. dollars during 2019 and 2023, including 10 billion dollars for three-dimensional geological prospection (excavation, prospection and studies).
Algeria produces about 130 billion cubic meters of gas annually, but experts foresaw a growing rate of gas consumption internally to hit about 50 billion cubic meters by 2025 with an annual growth rate of 4.5 percent.
In May and June, Algeria has signed two agreements to extend contracts to export gas to Italy and Portugal for 10 years more. It already provides the European Union countries with 14 percent of their gas needs.
Editor:Cherie
