Sonatrach: Nearly $38 billion of hydrocarbon receipts in H1 2012

The Group's global production reached 102 million of tons oil equivalent (TOE) by mid-June,including 57 million TOEs exported, Zerguine told a news conference. Furthermore, the revenues of oil tax paid to the Treasury during the first 6 months of 2012 were 2.230 billion Algerian dinars (more than $30 billion), according to thereport outlined by Mr Zerguine. Sonatrach carried out 15 discoveries of its own during the same period, he said, APS reported

According to the Oil and Gas Journal (OGJ), Algeria held an estimated 12.2 billion barrels of proven oil reserves as of January 2012, the third largest reserves in Africa (behind Libya and Nigeria). Hassi Messaoud basin, located in the eastern part of the country near the Libyan border, is the country's largest oil basin and producing oilfield and contains up to 60 percent of Algeria's proven oil reserves. The Berkine basin, together with the Ourhoud fields, is the second largest in the country and has been the source of a number of recent discoveries, which have allowed Algerian oil production levels to rise significantly since 2003.

Oil prices rallied Wednesday on bargain hunting after a recent slump sparked by the end of a Norwegian oil workers' strike and before the latest US energy inventories data, although economic indicators in the US and China could still affect oil prices AFP reported.


Sonatrach unveiled plans to increase oil investments to USD80 billion over the next four years, The company said the investments include developing oil exploration, refining and petrochemical industries. Mr Zerguine said the original investment programme for the 2012-2016 plan was USD62.2 billion., Reuters reported.