Algeria: New Algeria Oilfield ‘Biggest in Decades’

16 Nov 2013   Algeria, Oil Supply

Algiers — Algeria uncovered the largest new oil field in the country in more than 20 years, officials announced last month. Sonatrach “discovered a new oilfield with around 1.3 billion barrels in the Amguid Messaoud basin in the north central part of Algeria”, Energy Minister Youcef Yousfi said October 26th. The site is around one hundred kilometres from Hassi Messaoud, Algeria’s biggest oilfield. The minister said it would be developed over the next three or four years. This new discovery has rekindled the debate between the Algerian political classes and economists over the economy’s almost total reliance on income from the oil industry. Rachid Mouni, an Algeria Green Alliance MP, said that the dependence on oil revenues “gives a false impression of the national economy. Economic and financial indicators show Algeria to be in a comfortable position, whereas the reality is quite different, with the economy still vulnerable.” That […]

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