Sonatrach Boosted 2017 Export Revenue: Reports
Algerian state producer Sonatrach boosted export revenues to $33.2bn in 2017, from $27.9bn in 2016, according to data released in Algiers and reported by state news agency APS.
Primary production increased by 2% year on year to 197mn tons of oil equivalent, it added, citing a presentation April 30 by Sonatrach strategy director Farid Ghezali as source for both data sets. The report did not specify if all production was net to Sonatrach, or rather a national total. Nonetheless it noted a decline in oil production in 2017, due to Opec quota restraints, implying that growth was primarily from gas - which is controlled by Sonatrach.
Ghezali said that oil and gas export volumes declined by 2% year on year in 2017, but that oil exports benefited from a 19% rise in the average realised Saharan Blend oil export price.
Reuters noted that Sonatrach said April 30 its gas output increased by 5% in 2017 to 135bn m3. NGW has asked Sonatrach for a copy of its presentation.
Further to the earlier report above, and with no response from Sonatrach to date, NGW notes May 2 that the state Bank of Algeria's second half-yearly report for last year, published back on March 22 2018, had already stated that Algeria's average realised oil price in 2017 was $53.98/b, versus $45/b in 2016 [up 20%]. It also stated that the country's 2017 hydrocarbon exports decreased in volume by 2.88% to 108.48 million metric tons of oil equivalent, against 111.69 mn mt oe in 2016, and that the decrease was much influenced by oil than gas. Hydrocarbon export earnings in 2017 were $33.06bn, compared with $27.92bn in 2016, so up 18.42%.