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Algeria's 2020 hydrocarbons production to shrink 8% year-on-year: energy minister

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Algeria's 2020 hydrocarbons production to shrink 8% year-on-year: energy minister

Highlights

Production to fall to 143 million tons of oil equivalent

Exports to drop to 82 million tons of oil equivalent

Hydrocarbon revenue to shrink by a third to $22 billion

Dubai — Algeria's oil and gas production in 2020 will total 143 million tons of oil equivalent, a decline of 8% from 2019, due the pandemic and slow economic growth, energy minister Abdelmadjid Attar said Dec. 19, according to the state-run Algeria Press Service.

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Exports in 2020 will fall to 82 million tons of oil equivalent, he added. APS didn't provide a comparative figures for 2019.

Hydrocarbon revenue, including petrochemicals production, will fall by a third to $22 billion in 2020 from $33 billion in 2019, the minister added.

The North African OPEC producer pumped 860,000 b/d of crude in November, the latest S&P Global Platts survey of OPEC production found. The bloc and several allies, including Russia, are in the midst of severe crude oil production cuts aimed at propping up the market in the wake of the coronavirus pandemic.

Algeria's oil and gas exports could continuing declining over the coming decade, the head of state-owned Sonatrach said Dec. 16, as domestic consumption continues to soar and upstream spending cuts due the pandemic hit output capacity.

Rising domestic demand

Algeria, a major supplier of oil and gas to Europe , has exhausted nearly 62% of its proven reserves, and the remainder will only be enough to cover Algeria 's internal demand until 2040, Sonatrach CEO Toufik Hakkar said in an interview with television station Echourouk TNews.

In April, former energy minister Mohamed Arkab declared that Algeria 's proven oil reserves stood at 10 billion barrels, with 27 years of production life left, while natural gas reserves were 2.37 Tcm and condensate reserves were 260 million mt.

Algeria 's crude exports peaked in 2005, according to Joint Organizations Data Initiative data, while gas production continued to grow until 2015.

Algeria 's pipeline gas exports to Spain and Italy in 2019 fell by more than 11 Bcm year on year to just 21.1 Bcm, according to S&P Global Platts Analytics data, only partly offset by higher LNG exports, which rose by almost 2 Bcm to 16.4 Bcm of gas equivalent