Algeria authorizes shale gas exploitation

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Associated Press

Posted on May 22, 2014 at 1:32 AM

Updated Thursday, May 22 at 2:08 AM

ALGIERS, Algeria (AP) — 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 Wednesday night gave the green light to finding foreign partners to exploit the reserves.

According to a 2013 report by the U.S. Energy Information Administration, Algeria is third globally after China and Argentina in technically recoverable shale gas reserves with 707 trillion cubic feet (20 trillion cubic meters) 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.

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