Sonatrach rose gas output by 5 percent in 2017 – CEO

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A general view of the headquarters building of Algerian state energy company Sonatrach in Algiers, Algeria, February 8, 2015. After a deep slide in oil prices, Algeria's state energy company Sonatrach is shifting strategy to offer foreign companies direct negotiations over 20 oil and gas fields in a bid to draw in wary investors and increase output. Picture taken February 8, 2015. REUTERS/Ramzi Boudina EDITORIAL USE ONLY. NO RESALES. NO ARCHIVE

“Sonatrach boosted its gas output by 5 percent to 135 billion cubic metres in 2017,” highlighted, on Monday, the firm’s CEO Abdelmoumen Ould Keddour.

Ould Keddour pointed out 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.

In this aspect, 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.

As regards the company’s future strategy, the official has not provided any details.

“We need to transform Sonatrach into one of the top five national companies in the world,” Kaddour said. “Less bureaucracy and more professionalism.”

Reuters.

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