ALGIERS, Dec 24 (KUNA) -- Algerian Energy and Mines Minister Shakib Khalil said Monday that Algeria's fuel reserve would last for 40 years ahead, revealing that there was more than 1.5 million square kilometers of Algerian lands contained oil and natural gas reserves.
Speaking to the press, Khalil stated that news regarding the lack reserve were not true, affirming that oil excavation projects in the country continued to prove that Algeria still has fuel.
On new projects, the minister revealed that the construction of a natural gas liquefying factory would end by 2010, saying that the factory is to produce 5.4 billion cubic meters of gas.
He went on saying that the national production for 2007 reached over one million barrel per day, adding that future plans would try and boost production to almost a two million barrel per day by 2013.
Oil revenues for 2007 reached USD 59 billion, two billion went to foreign companies operating in Algeria, stated the minister, revealing that there was joint pipeline project between Italy and Algeria which is to allow about eight million cubic meters to be transferred.
He also pointed out there were plans to boost the capacity of the gas pipeline linking Tunisia and Algeria, bringing up the rate of transfer to seven million cubic meters by end of 2007.
A deal with French based Total Company would allow the production of pure fuel with out lead. (end) ft.gta KUNA 242222 Dec 07NNNN