Algeria authorises shale gas exploitation
22 May 2014, 18:33
Algiers - Algeria's Cabinet has announced it will move forward with the exploitation of the country's large shale gas reserves.
The statement carried by the state news agency on Wednesday night gave the green light to finding foreign partners to exploit the reserves.
According to a 2013 report by the US Energy Information Administration, Algeria is third globally after China and Argentina in technically recoverable shale gas reserves with 20 trillion cubic metres of reserves.
It has yet to be determined if the reserves are commercially viable. The state said 11 wells will be drilled over the next seven to 13 years.
Algeria's once rich oil and natural gas reserves have been declining in recent years.