“We need to transform Sonatrach into one of the top five national companies in the world,” the company’s CEO Abdelmoumen Ould Keddour highlighted on Monday.
Kaddour said: “Less bureaucracy and more professionalism,” is the strategy which must be followed to achieve this.
On the other hand, the company held a news conference to disclose production data, in which the CEO revealed that Sonatrach increased its gas output by 5% to 135 billion cubic metres, while Total oil and gas output rose by 2 percent in 2017 to 196.5 tonnes of oil equivalent.
The CEO added that oil production fell 3 percent due to OPEC quotas.
The company’s turnover from oil and gas in 2017 was $33.2 billion, he said, adding that the firm had invested $8.1 billion in 2017, down 8.8 percent from the previous year.