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Speaking at the opening of the 12th "Africa & Mediterranean Energy & Hydrogen Exhibition and Conference" (NAPEC 2024), the minister said that Algeria is planning to implement major investments in the energy sector during the period 2024-2028, focusing on projects to strengthen hydrocarbon production and processing capacities requiring technological and technical input, according to various partnerships and contractual formulas, through the law on hydrocarbons.

In this regard, he emphasized that the National Agency for the Development of Hydrocarbon Resources "ALNAFT" will announce the first "Algeria Bid Round 2024" call for tenders under the Hydrocarbons Law, which is an important step to attract foreign investments and operators in the development of the hydrocarbon sector.

The minister highlighted that Algeria's energy and mining sector development strategy is evolving to meet global shifts in the industry. This approach aims to align with international trends while addressing the country's growing energy needs. Crucially, it seeks to contribute to Algeria's socio-economic progress by funding the national economy while maintaining sustainable oil revenues.

Arkab underlined that embracing an energy transition policy doesn't mean abandoning fossil fuels, particularly natural gas, which he described as a key facilitator in the global shift towards cleaner energy sources.

Arkab emphasized that Algeria continues its efforts in research and exploration, as well as expanding its reserve base, increasing its production capacities, improving the extraction rate of its oil and gas reserves, as well as the valorisation and development of the petrochemical industry, especially that of fertilizers, in order to support and achieve food security in Algeria and in African countries.

Algeria is also working to achieve a balance between the development of its natural resources and environmental preservation, through the National Renewable Energy Program, whose total capacity will reach 15,000 megawatts of photovoltaic energy by 2035, while Sonelgaz has launched the realization of 3,200 megawatts in a first phase.

The minister highlighted Algeria's ambition to become a regional energy hub and a crossroads for energy exchange. This vision is supported by several ambitious megaprojects, including a $3 billion initiative to link the electricity grid of the far South with the Northern network. This interconnection will not only bolster domestic power supply but also open up export opportunities to Europe and create new routes to supply neighbouring countries, extending deep into Africa.

He said that the integrated Medlink project, which represents the realization of about 5,000 megawatts of renewable energy, with the construction of a transport network via a 2,000 megawatt high-voltage direct current (HVDC) sea line connecting Algeria to Italy, will in turn play a decisive role in accelerating the transition in the field of clean energies while supporting local and territorial development.

 

The minister highlighted the Trans-Saharan Gas Pipeline (TSGP) as a key strategic project. This pipeline, which will connect Nigeria to Europe via Algeria and Niger, is expected to have significant social and economic benefits for the transit countries. Beyond fostering local development, it will enhance energy security between North and South Africa. He noted that the project is making substantial progress and is on track to be completed within the allotted time.

 

Addressing climate change and reducing carbon footprint, the minister outlined various initiatives undertaken to curb emissions. One notable effort is the development of a comprehensive database tracking emissions from various oil and gas industry facilities. This tool aims to facilitate the reduction of both the volume and quantity of produced emissions.

 

He also said that the Sonatrach group is committed to reducing greenhouse gas emissions and reducing the total volume of fuel gas to less than 1% by 2030, in addition to joining several initiatives such as the initiative to eliminate routine combustion by 2030 and the "zero methane target" to reduce methane emissions associated with its operations.

 

The minister pointed out that "Algeria is open to developing partnerships to explore technologies and technological solutions aimed at reducing methane emissions, as well as the optimal use of recovered gases", announcing the signing of a memorandum of understanding for cooperation in the field of climate action and reducing greenhouse gas emissions, particularly methane, with the United States of America.

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