By Obiabin Onukwugha
Algeria has announced plans to invest $60 billion in energy projects between 2025 and 2029 as part of a large-scale strategy to boost the country’s oil, gas and hydrogen development.
The country’s Energy and Mines Minister, Mohamed Arkab, revealed this while speaking at an energy forum in Algiers, on Monday.
Algeria ranks among the top three oil and gas producers in Africa and holds the continent’s third-largest oil reserves.
Arkab said 80% of the investment will be directed toward upstream exploration and production, while the remaining funds will support refining and petrochemical projects.
He revealed that the North African country has launched projects to generate 3,200 megawatts of renewable energy as part of the country’s broader energy diversification efforts.
“We are committed to the energy transition without abandoning gas as a natural resource,” he said.
Arkab mentioned that the state-owned energy firm, Sonatrach aims to reduce gas flaring to less than 1% by 2030, supported by a large-scale afforestation project covering 520,000 hectares.
Reuters reported that the North African country aims to strengthen its role as a key supplier of energy to international markets while meeting domestic demand and making a transition to more sustainable sources.
