Algeria’s Minister of Energy and Mines Mohamed Arkab is scheduled to speak at the African Energy Week (AEW): Invest in African Energy 2024 conference happening from November 4–8 in Cape Town. With the aim of attracting new investments in the oil and gas sector, the minister will provide insights into upcoming opportunities in exploration, production, and infrastructure development.
Algeria is seen as an attractive investment location in the energy sector, supported by its significant reserves and production capabilities. With proven oil reserves of 12.2 billion barrels and a daily production capacity of 970,000 barrels, the country ranks as the third-largest oil producer in Africa. Additionally, Algeria holds a strong position in the global natural gas market, with 159 trillion cubic feet of proven natural gas reserves, making it the tenth-largest globally. As AEW 2024 approaches, it will serve as a platform to showcase the country’s substantial reserves and production capabilities to potential investors.
AEW: Invest in African Energy is the premier platform for project operators, financiers, technology providers, and governments, and has become the official venue for deal-making in African energy. For more information on this exciting event, visit www.AECWeek.com.
Minister Arkab has been actively engaging in discussions with U.S. multinational ExxonMobil since January 2024 to explore potential joint ventures in oil and gas exploration and production, with an announcement on a forthcoming deal expected soon. As Algeria looks to maximize its oil and gas resources, such partnerships play a crucial role in boosting output and expanding LNG and pipeline exports through new drilling initiatives.
Aside from international partnerships, Algeria has strengthened its energy relations with Turkey by extending a gas supply contract to secure the annual purchase of 4.4 billion cubic meters (bcm) of LNG until 2027. This extension, finalized during the Turkish President’s official visit to Algeria, demonstrates a commitment to energy collaboration between the two nations. Algeria also serves as a significant gas supplier to European markets like Italy, France, and Spain, solidifying its position as a key player in the global energy sector.
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As a member of the Organization of the Petroleum Exporting Countries (OPEC), Algeria recently announced its compliance with the extension of an additional voluntary reduction by 51,000 bpd until the end of June. This decision, made in coordination with select OPEC+ countries, aims to maintain Algeria’s oil production at 908,000 bpd, contributing to efforts to stabilize oil prices globally.
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Furthermore, Algeria’s mining sector presents appealing investment prospects, with significant projects such as the Djebilet iron ore mine development in progress. The government’s dedication to revitalizing the industry is evident through plans to allocate between $7 billion and $10 billion for the Djebilet project, offering opportunities for Western firms seeking investments in rare metals.
“Algeria’s strategic partnerships with international energy companies and efforts to enhance exports through LNG and pipeline projects demonstrate its vital role in Africa’s energy development. The country’s commitment to boosting the mining sector to diversify its economy further cements its significance in Africa’s economic landscape,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.
During the upcoming AEW: Invest in African Energy 2024 conference, the Minister is expected to discuss additional initiatives aimed at developing Algeria’s energy infrastructure. Algeria remains committed to attracting more investments through the promotion of new projects, forging partnerships with energy companies, and showcasing its potential as a lucrative investment destination in the energy sector. To learn more about participating in AEW: Invest in African Energy, visit www.AECWeek.com.
Distributed by APO Group on behalf of African Energy Chamber.