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Sonatrach's net profit jumps 148 per cent in 2010

Industry

Algeria’s Sonatrach posted net profits of US$9.52 billion last year, an increase of 148 per cent over 2009 earning of US$3.83 billion.

Sonatrach's turnover in 2010 reached US$56.1 billion, comparing to US$44.4 billion dollars in 2009, according to a statement issued by the company.

The company produced 214mn tonnes of equivalent oil, of which 55.3mn tonnes of crude oil and 145.8 billion cubic meters of natural gas.

The increase in profits were because of the price hike of the Algerian Sahari Blend, which was around US$61.9 a barrel in 2009 and but jumped to  US$80.1 dollars a barrel last year.

Sonatrach has invested about US$52.5 billion over the last decade. It increased the investment to US$11.8 billion in 2009 from around US$3.2 billion, according to the statement

69 per cent of the company's investment plan is focused on the exploration and development of oil plants, in addition to petrochemical projects.

The Algerian energy company made 29 new hydrocarbons explorations in 2010, 27 of which were carried out on its own.

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