OAPEC: Algeria Ranks 1st in Arab World in Terms of New Oil & Gas Discoveries

Algeria ranked first in the Arab world in terms of new oil and gas discoveries during the first eight months of 2022, according to the Organization of Arab Petroleum Exporting Countries (OAPEC). The organization indicated in its monthly report that Algeria recorded, from the beginning of this year until the end of last August, seven new discoveries, including four oil discoveries and three gas ones.

Algeria was followed by the United Arab Emirates, which recorded five new discoveries between January and August 2022 (3 oil discoveries, 2 gas discoveries), Saudi Arabia with five gas discoveries, then Egypt with two discoveries (one for oil and one for gas), as well as Syria with one gas discovery.

Accordingly, the OAPEC countries made in the first eight months of 2022 a total of 21 oil and gas discoveries. During the second quarter of this year, OAPEC member states recorded eight new discoveries, four of them in Algeria and four in the UAE.