*Algeria’s 1H 2021 crude output averaged just 880,000 b/d according to MEES estimates putting this year on track for the lowest annual figure since 2001. Whilst lower current output is of course in part due to Opec+ constraints, figures from key IOCs operating in the country indicate that underlying decline means that effective capacity is now likely well below the Opec+ ‘reference’ level of 1.057mn b/d (MEES, 23 July).
*Algeria’s key IOC-operated oilfields are in the Berkine Basin, including the El Merk and HBNS fields operated by Occidental (formerly Anadarko) and the Ourhoud field operated by Spain’s Cepsa. From a peak of 470,000 b/d in 2007 and 384,000 b/d for 2014, the first full year of El Merk output, production has been in near continuous decline since, falling to just 220,000 b/d for 2020 and 175,000 b/d for the first half of 2021, according to MEES number-crunching based on IOC-published figures. Output at Eni and BHP’s Rod project, also in the Berkine Basin, is also on the slide (MEES, 23 July). (CONTINUED - 300 WORDS)
