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Deep audit to be conducted in Sonatrach very soon

July 23, 2020

ALGIERS- A deep audit will be conducted in the national hydrocarbon company very soon in order to review the organization and functioning of Sonatrach, said Tuesday, in Algiers, Minister of Energy Abdelmadjid Attar.

In his speech to the National Radio, Attar affirmed that a “deep audit will be launched at the level of Sonatrach very soon and it will perhaps be next week following the instructions of President of the Republic Abdelmadjid Tebboune.”

Attar stressed the need to lighten the management of Sonatrach and reduce its functioning and exploitation costs.

“The number of posts abroad that are not necessary must be reduced,” he said, adding that the national company must further strengthen its presence in the exploration and exploitation of oil and gas notably in the African neighboring countries.

In this respect, he emphasized the “essential” role that could be played by the regulatory authorities like Alnaft and Creg, underlining the need to rehabilitate their authorities.

Concerning the field of exploration and development of small deposits, Attar said that these activities will be carried out in partnership with foreign investors who will finance the entire exploration while Sonatrach will reimburse its share from the exploitation phase.

While ensuring that the national company possesses the means to conduct explorations alone, Attar said that Algeria has oil and gas potential to ensure energy security until 2050, but on condition of introducing, he added, the energy transition and efficiency.

While broaching the new law on hydrocarbons, Attar affirmed that the implementing legislations will be ready and effective by the beginning of September in order to boost the investment and partnership in this field and to resume growth and productivity.