iOS app Android app More

Algeria announces major oil discovery

stumbleupon: Algeria announces major oil discovery   digg: US Works With Sudan Government Suspected Of Aiding Genocide   reddit: Algeria announces major oil discovery Algeria announces major oil discovery

October 26, 2013 03:52 PM EST | AP

ALGIERS, Algeria (AP) — Algeria's energy minister says a new oil field containing an estimated 1.3 billion barrels has been discovered.

Youcef Yousfi told the state news agency Saturday that the discovery near the large oil fields in the southern region of Hassi Messaoud is one of the most important in the last 20 years.

He added the state oil company, Sonatrach, will rely on unconventional techniques to extract 50 percent of the reserves, including hydraulic fracturing, also known as fracking.

The field will be exploited in the next three to four years following the necessary studies, the report added.

Algeria, an energy giant in Africa that already is one of the largest natural gas suppliers to Europe, had been concerned about declining oil reserves.