Algeria is on course to earn less revenue than in 2011, if oil prices continue on the downward slide they were
between March and June 2012. The country earned $37.7 billion fromcrude oil export from January-June 2012. Abdelhamid Zerguine, CEO of the Algerian state hydrocarbon company Sonatrach, stated that more than $30
billion have been paid to the Treasury as revenues from oil taxes in 2012 .
Sonatrach’s total output reached 748 million barrels of oil equivalent (748MMBOE) by June, which includes 419.27MMBOE exported.
2011 earnings were $71.5Billion, so it would seem, at first glance, that a $37.7Billion half year 2012 revenue suggests that the total year’s earnings will be higher. But some of the revenue in that $37.7Billion calculation came
from $120 per barrel oil price. The prices have fallen sinceMarch 2012.
Sonatrach said that itwill invest between $68.2 billion and $80 billion from 2012 to 2016 in order to increase hydrocarbon exploration, refining and petrochemical.
Algeria Earnings jumped last year by 27 percent to $71.5 billion from 2010’s $56.1 billion.