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
Algeria has reported a 50 percent increase in oil production since 2000.
The North African state now produces 1.2 million barrels a day.