Algerian Sonatrach reports dire 2020
Algerian national oil company Sonatrach saw export earnings of $20bn last year, down 39% on 2019 as the pandemic hit oil and gas demand overseas. Its marketed production amounted in 2020 to 140mn metric tons of oil equivalent (toe), down 7% compared to 2019, while exports reached 81mn toe. It did not give any of the metrics for gas separately.
The company reported July 2 that the COVID-19 health crisis affected almost all economic sectors in the world in 2020 and in particular oil and gas.
The company said the low average price of Sahara Blend crude and less crude output following the OPEC+ cuts. It invested $5.7bn, down 30% year on year. The state received 31% less in taxes year on year.
Sonatrach however said it achieved a positive result, particularly in terms of exploration and renewal of reserves, commissioning of new gas projects and infrastructure and export for the first time in a decade of diesel and gasoline..
Primary production of hydrocarbons reached 176mn metric tons of oil equivalent, down 6% on 2019, with less LNG also bought.
The first five months of this year have seen a "clear improvement,” though, with hydrocarbon production of 78mn toe, up 4% compared to the end of May 2020, while the production of refineries reached 12mn mt, up 3% compared to the end of May 2020. .
Marketed production reached 67mn toe, up 17% compared with the end of May 2020, while exports approached 41mn toe. Export turnover stood at $12.6bn during the first five months of 2021, compared with $8.7bn at the end of May 2020.