Algeria has increased its crude oil output by 32,000 bpd after initiating production at the Bir Sebaa and Bir Msana fields in the Hassi Messaoud area
According to a Reuters survey, Algeria produced 1.1mn bpd in last month. Production increased on 1 August 2015 when the Bir Sebaa field began producing 20,000 bpd in addition to the 12,000 bpd from the Bir Msana field, added Reuters.
State-owned energy firm Sonatrach holds a 25 per cent stake in the Bir Sebaa field, Thailand’s PTTEP owns 35 per cent and Petrovietnam owns 40 per cent. Reserves in the field are estimated at 758mn barrels.
Meanwhile, in the Bir Msana field, Sonatrach owns a 25 per cent stake, Malaysia’s Petronas holds 35 per cent and Spain’s Cepsa 40 per cent. Reserves are at 144mn barrels.
The North African nation has been trying to procure foreign oil investment in a bid to increase output that has stagnated over the recent few years. Only four out of 31 blocks were offered during a bidding round held in September 2014.
However, Sonatrach stated that it would stick to its plan to invest US$90bn over the next five years in the oil and gas sector, despite a crude oil price slump on global markets.
