Algeria's Sonatrach aims to rank among the world's five largest oil and gas groups, a target which its chief executive officer (CEO) Abdelmoumene Ould Kaddour, describes as an achievable goal.
Presenting Sonatrach's strategy for the period until the year 2030 at the group's downstream activity headquarters in Oran, in north-central Algeria, on Wednesday, Ould Kaddour said: Sonatrach seeks to rank among the top five oil companies in the world under this strategy, while stressing that this goal is attainable.
He stressed the involvement of the group's motivated and committed staff in the implementation of the strategy and the need to communicate the short, medium and long-term goals of this strategy throughout the country.
We bank on excellence. We have thoroughly studied the criteria to place Sonatrach among the top five oil groups in the world, he said. Moreover, we count on our human resource and the group's experience.
We are explaining this strategy to our international partners with whom we seek to create new business opportunities and bring added value to our country.
Ould Kaddour who promised to present the financial aspects of the strategy at an upcoming meeting.
Referring to Sonatrach's plans for exploiting the country's shale gas potential, stressed the need to take time to exploit shale gas in a wise and professional manner.
Algeria ranks third globally after China and Argentina in technically recoverable shale gas reserves with 20 trillion cubic metres,
Ould Kaddour said the focus must be on quality not deadlines. "We must take the time to do things professionally and wisely," he said in response to a question about shale gas exploitation.
Following my visit to some shale gas production fields in the United States, I can confirm that this oil industry is clean and we must explain this to the Algerian people, he stated.
During my recent visit to Ain Salah, I asked citizens there to designate representatives who will visit shale gas production fields abroad. They will see first-hand the production process in these countries and will report back to their fellow citizens when they return.
Source: NAM News Network