Ahmad 
Algerian Energy Minister Mohamed Araqab announced that fuel export revenues fell to about $50 billion in 2023, by as much as 16 percent.
The Algerian minister attributed this decline in fuel exports to the decline in oil prices, which averaged $ 84 per barrel at the end of 2023, compared to $ 104 per barrel in 2022.
The minister explained that the state hydrocarbon company “Sonatrach” has allocated $ 36 billion for research and exploration between 2024 and 2028, out of a total investment of $ 50 billion.
These investments aim to raise Algeria’s energy production to 207 million tonnes of oil equivalent by 2028, compared to 190 million tonnes in 2023, Arqab said.
He pointed out that Sonatrach achieved a historic net profit in 2022 of $ 10.2 billion, driven by the significant rise in fuel prices after the Russian-Ukrainian war.
An Algerian delegation visits Mitiga International Airport in Libya to discuss the resumption of flights