The Algerian Prime Minister of the Organization of the Petroleum Exporting Countries (OPEC), Ayman Benabrahmane, stated on September 13, 2021 that Algeria, a member of the Organization of Petroleum Exporting Countries, plans to increase investment in the oil and gas sector by US$2.6 billion in 2022 to increase 8.9 million tons of oil equivalent output.

When submitting the government action plan, Benabellahmane told the parliament that the total oil and gas investment in 2022 will increase from 7.4 billion US dollars this year to 10 billion US dollars, and the goal is to increase oil equivalent from 187 million tons to 195.9 million tons. .

Algeria, which relies heavily on the energy sector, will cut its oil and gas investment plan by half to 7 billion U.S. dollars in 2020 in response to the fiscal pressure caused by the decline in global crude oil prices due to the pandemic. The government predicts that due to rising oil prices in the international market, energy export revenue in 2021 will increase from US$20 billion in 2020 to US$33 billion.

The action plan includes reforms to improve the investment environment in the non-energy sector to help reduce Algeria’s dependence on oil and gas, which account for more than 90% of total export revenue and 60% of the state budget.

Keywords: new energy, overseas engineering, international engineering construction, foreign engineering construction news

The plan also includes a commitment to maintain the government's subsidy policy unchanged to avoid social unrest. Currently, it subsidizes almost everything from basic food to housing, medicine and fuel.Editor/XuNing