ALGERIA'S STATE-RUN ENERGY company Sonatrach has announced a new gas discovery in the onshore Berkhine Basin. The discovery comes as Algeria has significantly slowed gas output in response to weak prices.
Furthermore, around the same time Russia’s Gazprom announced it had discovered gas at Rhourde Sayah, also in the Berkhine Basin. Given that Algeria’s gas prices have not yet fully recovered, the recent discoveries could pose downside risks to the country’s growth outlook. However, given the positive perspective for global energy prices, the recent discoveries will certainly attract further investments.