Abdelmoumen Ould Kaddour, CEO, Sonatrach
Diversifying offerings and ramping up production in order to meet both local and international energy demands
In an interview with Global Platform, Abdelmoumen Ould Kaddour, CEO, Sonatrach, speaks on how the global lower oil price environment has spurred the diversification of Algeria’s energy sector. Gas production in particular has accelerated, and the country has built the necessary infrastructure to export gas to new markets. In addition, the petrochemicals downstream industries have been targeted for development, and there are plans in place to utilise solar energy at oil and gas fields. As the country expands its energy capacities into new areas, partners will be key in sharing the risk across numerous endeavours.
Things are moving positively, for the last two to three years the price of oil went from $150 per barrel to less than $40. I do really think that the barrel at $70 will be a nice equilibrium between who produces it and who consumes it. We still need fossil energy – yes, we are using more and more renewable energy, but we are going to use gas and oil for a long period of time. So, it’s still a positive and bright future for fossil energy. We want to increase our gas production, we want to develop our petrochemical industry, we want to make sure that we will be satisfying the local market for the refined product. Algeria is interested in having other sources of revenue.