Algerian Energy Minister Mohamed Arkab announced on Wednesday that the state-owned company Sonatrach has made 8 important oil and gas discoveries since the beginning of this year.

This announcement came during an interview by the minister with Algerian official television, where he indicated that these discoveries were made in completely new locations, the most prominent of which were in the states of Bashar, Ain Salah, Illizi, Djanet and Ouargla.

Arkab stressed that these discoveries will significantly enhance proven national reserves of hydrocarbons, especially natural gas.
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On Tuesday, the National Oil Corporation of Libya announced its plan to drill 121 new wells to explore and exploit natural resources of oil and gas during the year 2024.

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The corporation said in a statement that maintenance will be carried out for 1,335 other wells to ensure the sustainability of oil production and did not specify the locations and timetable for implementing these projects.

This step came as part of Libya’s efforts to increase oil and gas production, which represents about 90% of the country’s economic activity.

Libya’s oil production currently amounts to 1,220 million barrels per day, and the corporation expects crude production to exceed 1.5 million barrels per day by the end of 2025 before reaching two million within three years, according to official data from the corporation.
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