alkhabar
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E.ON operates the Rhourde Yacoub license and has a 49 percent equity share, while Sonatrach is the majority holder with 51 percent.
The exploration and production units of E.ON and Sonatrach have drilled and tested 7 different exploration wells in the block, and found a new supply of oil and gas.
Managing director of E.ON E&P Algeria, Hubert Mainitz, said of the discovery, “The results of this are very encouraging and we will now enter a phase where we will drill several wells over the next two years to evaluate the extension of the discoveries.”
The newfound energy source will be particularly important for the future of Algeria’s petroleum industry. Sonatrach has been working to develop the oil industry and make it a strong asset for the country. Last week, it announced an intention to increase investments in oil exploration, refining, and petrochemical industries to $80 billion from $62.2 billion.
Algeria has seen a strong first half of 2012 regarding its oil industry. Sonatrach chief Abdelhamid Zerguine said, “The total volume of hydrocarbons exported during the first half of this year reached 57.2 million tons oil equivalent (TOE), with earnings reaching $37.7 billion at the end of June.”
Total output hit 102 million TOE, and the country is increasing investment to grow that number in the future.
In 2011, Algeria’s oil exports shot up 27 percent, from $56.1 billion in 2010 to $71.5 billion the following year.
The exploration and production units of E.ON and Sonatrach have drilled and tested 7 different exploration wells in the block, and found a new supply of oil and gas.
Managing director of E.ON E&P Algeria, Hubert Mainitz, said of the discovery, “The results of this are very encouraging and we will now enter a phase where we will drill several wells over the next two years to evaluate the extension of the discoveries.”
The newfound energy source will be particularly important for the future of Algeria’s petroleum industry. Sonatrach has been working to develop the oil industry and make it a strong asset for the country. Last week, it announced an intention to increase investments in oil exploration, refining, and petrochemical industries to $80 billion from $62.2 billion.
Algeria has seen a strong first half of 2012 regarding its oil industry. Sonatrach chief Abdelhamid Zerguine said, “The total volume of hydrocarbons exported during the first half of this year reached 57.2 million tons oil equivalent (TOE), with earnings reaching $37.7 billion at the end of June.”
Total output hit 102 million TOE, and the country is increasing investment to grow that number in the future.
In 2011, Algeria’s oil exports shot up 27 percent, from $56.1 billion in 2010 to $71.5 billion the following year.
