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.
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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.