$71.6 Billion Package Targets Hydrocarbon Development by 2030
Algeria's Minister of Hydrocarbons, Mohamed Arkab, announced a substantial investment package of $71.6 billion for the hydrocarbons sector by 2030. Speaking on 17 October 2026 before the Finance and Budget Committee of the National People's Assembly, Minister Arkab detailed that $52 billion of this allocation is designated for upstream activities, including exploration and production. An additional nearly $13 billion will support refining and petrochemical projects, forming a strategic vision for the sector's development.
This comprehensive investment aims to achieve two primary targets to enhance national industrial sovereignty. First, the ministry seeks to increase primary hydrocarbon production to approximately 201 million tonnes of oil equivalent by 2030, a rise from an expected 193 million tonnes this year. Second, the plan focuses on significantly expanding the share of hydrocarbons processed locally, from approximately 30% to over 50%.
The substantial capital injection is expected to strengthen the nation's energy autonomy while also fostering technological advancement and local expertise. By prioritizing higher domestic processing rates, Algeria anticipates the creation of numerous high-skilled jobs and the stimulation of ancillary industries. This forward-looking blueprint is intended to solidify Algeria's position as a dominant and reliable energy partner in the global market.
The announcement was made within the framework of the 2027 Finance Bill, underscoring Algeria's commitment to long-term industrial modernization and economic excellence. (Reporting by Wissem Chergui.)
