Algeria Announces Major Oil Discovery
ALGIERS, Algeria -- Algeria's energy minister says a new oil field containing an estimated 1.3 billion barrels has been discovered.
The energy minister, Youcef Yousfi, told the state news agency Saturday that the discovery near the large oil fields in the southern region of Hassi Messaoud is one of the most important in the last 20 years.
He added that the state oil company, Sonatrach, will rely on unconventional techniques to extract 50% of the reserves, including hydraulic fracturing, also known as fracking.
The field will be exploited in the next three to four years following the necessary studies, the report added.Algeria, an energy giant in Africa that already is one of the largest natural gas suppliers to Europe, had been concerned about declining oil reserves.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV