Algeria reports major oil find

Wednesday, February 25, 2004

Algeria has reported a major oil find.

Algeria's state-owned oil company Sonatrach said it found reserves of an estimated 360 million barrels of oil in the southern Hassi-Djebet region.

The discovery confirmed the Hassi-Djebet region as a major oil reserve.

Sonatrach said the first tests in Block 427 reported a flow of 4,445 barrels per day. The block also contained 5,073 cubic meters of natural gas per hour.

Algeria has reported a 50 percent increase in oil production since 2000.

The North African state now produces 1.2 million barrels a day.

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