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Algerian Oil, Gas Discoveries Increased in 2012, Minister Says

Algeria made 31 oil and natural gas discoveries last year, including 24 by state-run Sonatrach alone, compared with 20 finds in 2011, Energy Minister Youcef Yousfi said.

The new discoveries didn’t keep pace with the amount the country produced from reserves last year and Algeria needs to attract foreign partnerships, Yousfi told parliamentarians in Algiers. National demand for energy products will probably rise to a range of 80 million metric tons to 100 million tons of oil equivalent in 2030, from current consumption of 46 million tons a year, he said.

To contact the reporter on this story: Salah Slimani in Algiers at sslimani2@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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