Algeria: Sonatrach plans to promote foreign tie-ups to enhance oil output

Algerian state-run energy company Sonatrach announced its plan to enhance partnership with foreign firms on May 1 in a bid to improve onshore and offshore output capabilities.

The announcement was made by Sonatrach's new Chief Executive Officer, Rachid Hachichi, who was appointed on April 23, during his address to the company's workers on the occasion of International Workers' Day.

"Our group will continue to develop its partnership relations with international companies wishing to invest in Algeria," Hachichi said. The company "will continue to work to strengthen partnership relations based on mutual respect in order to improve hydrocarbon discovery and exploitation capabilities," he added, as reported by Xinhua.

With the depletion of its deposits in operation for decades, Algeria wants to revamp its production capacity by resorting to exploring offshore and shale gas fields.

Hydrocarbon exports account for 95 percent of the North African nation's revenues.

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