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Commodity Market Report 13 May 2021

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Report summary

Algeria maintains its dominance as Africa's largest gas producer, but increased investment and fiscal reform are required to drive growth. On-going compression work at Hassi R'Mel, additional sales gas from legacy oil fields and new projects in the southwest will help Algeria sustain production in the short term. Longer-term, the same risks and need to develop new replacement supply remains. Total exports (pipe and LNG) have fluctuated over the last decade, averaging 47.3 bcma. We anticipate a downward trend in the level of gas available for export due to growing domestic demand.

Several gas fields cut output due to lack of demand
Hassi R’Mel remains the cornerstone of Algeria’s indigenous gas production; although output is falling, compression will slow near-term decline
Southwest phase two projects still expected to start mid-2020s
Improved fiscal terms could encourage much needed foreign investment
New gas from yet-to-find and – potentially – unconventional resources will take years to materialise
- Extensions and new deals