Algeria planning $68bn energy spend
Algiers, February 7, 2012
Algerian state energy company Sonatrach is planning to invest $68 billion in the country's energy sector over the next four years, its chief executive said on Tuesday.
'We plan to invest $68 billion between now and 2016. This includes several activities,' Sonatrach CEO Abdelhamid Zerguine told a news conference.
The company has made unconventional, or shale, gas exploration a priority. Sonatrach vice-president in charge of upstream, Said Sahnoun, said the first shale gas well will be drilled in May and a second one in October this year. – Reuters
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