Sonatrach on Aug. 16 reported new successful drilling results with partners Thailand’s PTTEP and CNOOC at the Hassi Bir Rekaiz project in Algeria's Berkine Basin.
Tests showed a crude oil flow rate of 2,406 barrels per day, Sonatrach said in a statement, describing the result as “very satisfactory.”
Sonatrach and its partners had found crude oil and gas in 10 wells since the start of the exploration campaign in 2011.
Sonatrach has a 51% stake in the project, with PTTEP and CNOOC owning 24.5% each.
Algeria has been trying to increase oil and gas output after a fall in recent years caused by a lack of foreign investment following failed attempts to attract investors in two bidding rounds since 2011.
The production decline combined with a fall in world oil prices have significantly hit state finances in Algeria which relies on oil and gas exports for 60% of its budget and are 95% of total export earnings.
Recommended Reading
NatGas in Storage Continues to Rise on Moderate Weather Conditions
2025-04-03 - The lower 48 U.S. states added 29 Bcf of natural gas to storage for the week ending March 28, slightly higher than market expectations between 25 Bcf to 27 Bcf.
Oil Dives More Than 6%, Steepest Fall in 3 Years on Tariffs, OPEC+ Supply Boost
2025-04-03 - Oil prices swooned on April 3 to settle with their steepest percentage loss since 2022, after OPEC+ agreed to a surprise increase in output the day after U.S. President Donald Trump announced sweeping new import tariffs.
Venture Global Gets Final Approval to Fully Open Calcasieu Pass LNG
2025-04-03 - Venture Global has FERC permission to put the remaining facilities at its Calcasieu Pass LNG plant into service, placing an unknown status on arbitration hearings with its long-term customers.
LNG Canada Receives Cooling Cargo, Signals Project Start-Up
2025-04-03 - LNG Canada expects to start exporting LNG by the middle of 2025.
Northwind’s Sour Expansion Adds Room for Delaware Development
2025-04-03 - Midstream company Northwind Midstream expects to see treatment demand rise in Lea County, New Mexico, as Tier 1 plays mature and E&Ps look elsewhere to expand.