Sonatrach to splash USD 100 billion to boost oil and gas

State-owned Sonatrach approved a $100 billion investment plan for 2014-2018 for oil and gas output increase, with the aim to start shale gas production in 2020, APS news agency reported.

The funds will be aimed at boosting reserves and increasing oil and gas production over the period of five years, said APS.

About $42 billion is allocated for the development of oil and gas fields from now through 2018, with $22 billion of that amount invested in natural gas developments.

Over the next three years, Sonatrach plans to start production at six gas fields with a total capacity of 74 million cubic metres per day, reports Reuters.

LNG World News Staff, July 21, 2014; Image: Sonatrach