By way of its “SH2030” plan, Algeria’s Sonatrach aspires to become the world’s fifth-largest national oil company (NOC) by the year 2030.
Sonatrach has enlisted WorleyParsons Ltd.’s expertise to help it reach that goal.
The Algerian NOC has awarded WorleyParsons a five-year framework agreement to provide project management services toward developing its oil and gas production capacity across various projects, Australia-based WorleyParsons reported Friday.
According to Sonatrach website, some of the NOC’s desired outcomes from SH2030 include:
Double the NOC’s annual volume of discoveries from 50 to 100 million tons of oil equivalent per year
Increase per-rig productivity to six wells per year in development and four wells per year in exploration
Produce 20 billion cubic meters of unconventional resources in 2030 and increasing that volume to 70 billion cubic meters by 2040
Deploy improved/enhanced oil recovery (IOR/EOR) technologies in the companies existing fields to increase production by 2 million tonnes of oil equivalent by 2040
Explore offshore prospects encompassing an area of approximately 100,000 square kilometers
Boost natural gas marketed in new trading markets by 50 percent
Invest in “value-creating” refining projects
Form a national petrochemical industry
Elevate the company’s international presence
“We look forward to working with Sonatrach in support of its SH2030 strategy,” WorleyParsons CEO Andrew Wood said in a written statement.