https://arab.news/9zugd
- Algeria’s oil and gas earnings are up 70 percent and have reached $21.5 billion in the five first months of 2022
ALGIERS: Algeria is negotiating with all its clients to review gas prices, state oil and gas producer Sonatrach’s CEO, Tewfik Hakkar, told reporters on Sunday.
Hakkar added that the review of the prices is not targeting a single company or country.
The statement comes almost a week after Spain began re-exporting gas to Morocco in reverse flow via the Gazoduc Maghreb-Europe pipeline, marking the first direct flow of piped gas from Europe to Africa.
Spain and Morocco agreed earlier this year to consider using the GME pipeline for reverse flow to the North African country with the gas to be sourced from the global LNG market.
On Nov. 1, Algeria, which has cut off diplomatic ties with Morocco, stopped supplying natural gas to its neighboring country through the GME pipeline.
Algeria is now supplying Spain using the Medgaz undersea pipeline with an annual capacity of 8 billion cubic meters, which does not go through Morocco.
Earnings up
Algeria’s oil and gas earnings are up 70 percent and have reached $21.5 billion in the five first months of 2022, compared to $12.6 billion in the same period last year, an executive at state oil and gas producer Sonatrach told reporters on Sunday.
Along with gas, Algeria is a large oil producer with 12.2 billion barrels of proven oil reserves. The country exports 540,000 barrels per day of its total production of about 1.1 million bpd. All proven oil reserves are held onshore, though offshore exploration is in the early stages.