• Most Popular
  • Most Shared

Algeria's Sonatrach says makes three gas finds

Mon Aug 4, 2008 8:12am EDT

Stocks

   

ALGIERS, Aug 4 (Reuters) - Algerian state-owned energy group Sonatrach announced on Monday three gas finds in the Sahara desert, bringing to nine the number of hydrocarbon discoveries this year.

Gas was found by Sonatrach and its partner StatoilHydro (STL.OL) in the Hassi Mouina perimeter in the Gourara basin and tests showed a flow rate of 9,167 cubic metres an hour, Sonatrach said in a statement posted on its website.

It was the fifth find in this perimeter by Sonatrach-StatoilHydro, Sonatrach said.

A partnership between Sonatrach and BP (BP.L) found gas in the Bourarhet Sud perimeter in the Illizi basin with tests showing a flow rate of 11,220 cubic metres an hour.

A partnership between Sonatrach, BG Algeria (BG.L) and Gulf Keystone GKPq.L found gas in the Hassi Ba Hamou perimeter in Bechar Oued Namous basin with a flow rate of 3,776 cubic metres.

Out of the nine hydrocarbon finds in Algeria this year, three were by Sonatrach alone and six in association with partners.

The total number of oil and gas discoveries in OPEC-member Algeria rose to 20 finds in 2007 from 18 in the previous year.

Algeria pumps about 1.4 million barrels of oil per day and exports 62 billion cubic metres of gas a year, mostly to Europe. (Reporting by William Maclean; editing by James Jukwey)



More from Reuters

Photo

Plot exposes fissure in U.S. intelligence community

WASHINGTON (Reuters) - Last week's failed plot to bomb a U.S. passenger jet has exposed lingering fissures within the U.S. intelligence community, which had information from interviews and clandestine intercepts but did not put the pieces together, officials said.

» More Top News
Floor traders work at the Hong Kong Stocks Exchange, January 16, 2008. REUTERS/Bobby Yip

My way or the highway?

Hong Kong is poised to accept Beijing's accounting standards. That's good. The system, though, is prone to scandal. That's bad.  Full Article 

Global Markets
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary