Sonatrach Says Oil Drilling Results "Very Satisfactory"
Algerian state energy firm Sonatrach on Tuesday reported new successful drilling results with partners Thailand's PTTEP and China's CNOOC at the Hassi Bir Rekaiz project in the Berkine basin.
Tests showed a crude oil flow rate of 2,406 barrels per day, Sonatrach said in a statement, describing the result as "very satisfactory".
Sonatrach and its partners had found crude oil and gas in 10 wells since the start of the exploration campaign in 2011.
Sonatrach has a 51 percent stake in the project, with PTTEP and CNOOC owning 24.5 percent each.
Algeria has been trying to increase oil and gas output after a fall in recent years caused by a lack of foreign investment following failed attempts to attract investors in two bidding rounds since 2011.
The production decline combined with a fall in world oil prices has significantly hit state finances in Algeria which relies on oil and gas exports for 60 percent of its budget and are 95 percent of total export earnings.
(Reporting by Hamid Ould Ahmed)
