Sat. Jun 15th, 2024
Active pump jacks increase pressure to draw oil toward the surface at the South Belridge Oil Field on February 26, 2022, in unincorporated Kern County, California, approximately 141 miles (227 km) northwest of Los Angeles, California. - From rural areas of the eastern states where modern oil production began to cities in southern California where pumpjacks loom not far from homes, lax regulations and the petroleum industrys boom and busts cycles have left the US pockmarked with perhaps hundreds of thousands of oil wells that are unsealed and haven't produced in decades. In a first, Washington is making a concerted effort to plug these wells by allocating $4.7 billion in federal infrastructure dollars to plug the wells in an effort to lessen the negative health and environmental impact of the disused wells. (Photo by Robyn BECK / AFP)

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 official’s son was arrested by the Security Personnel on charges of spying for Israel

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