LOC18:58
15:58 GMT
By Fatiha Zamamoush
ALGIERS, Sept 12 (KUNA) -- Algerian authorities have begun a wide-scale
operation for oil exploration and drilling in several regions in northern
Algeria, Oil Minister Chekib Khalil said on Saturday.
Khalil said in a statement to Kuwait News Agency (KUNA) the major
operation, undertaken by the national oil company, Sonatrach, would proceed
till 2011, noting that the government earmarked USD 400 million for
investments in the project.
The minister added that Sonatrach would seek to hike the crude reserves in
the field of Wad Gatirini, located in the town of Dirah in district of
Bouwairah, 120 kilometers east of the capital.
He indicated that the development of the field was aimed at upgrading its
reserves from the current level of 120 million cubic meters.
Chekib affirmed that the Algerian authorities were keen on employing all
kinds of modern technology for utilization of the oil wealth, noting that the
national reserves of the crude have not dropped due to the usage of the modern
technology since 30 years ago, "although we have not stopped the production
even for one hour."
He affirmed that the international oil market was gripped with jitters and
expressed reservations at the notion that the rise of the oil prices did not
signal start of recovery of the global economy.
The instability in the oil market has been caused by speculators, who have
been stockpiling large amounts of the crude. (end)
ft.rk
KUNA 121858 Sep 09NNNN