The Algerian oil and gas group Sonatrach announced on Monday the discovery of a
"significant"
gas condensate deposit in the Hassi R'mel fields, in the Algerian Sahara, it announced in a statement on Monday.
“Sonatrach announces, today, that it has highlighted a significant potential in hydrocarbons (..) at the level of the exploitation perimeter of Hassi R'mel”
, specified the group in a press release.
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The reserves of this deposit are estimated at
"between 100 and 340 billion m3 of gas condensate"
, according to the press release.
Gas condensate is natural gas that contains liquid hydrocarbons in suspension, similar to crude oil, which greatly increases its value.
“These volumes constitute one of the largest revaluations of reserves in the last 20 years
,” added the oil group.
Sonatrach plans to start mining this deposit in November, which should produce 10 million m3 per day.
Algeria, whose proven reserves of natural gas amount to nearly 2.4 trillion m3, supplies around 11% of the gas consumed in Europe, against 47% for Russia.
It is the first African exporter of natural gas and the 7th in the world.
Several countries seeking to reduce their dependence on Russian deliveries since the invasion of Ukraine have turned to Algeria.
Italy thus signed an important agreement with Algeria in April on increased supplies of gas.
