National oil company Sonatrach says the country’s gross oil and gas output will rise by 15% to an annual 225mn tons of oil equivalent (around 4.6mn b/d) by 2018, up 15% from last year’s 195mn toe (4mn b/d).

Sonatrach will invest $102bn, of which $61bn (60%) is slated for the upstream, according to the state giant’s 2014-18 Medium Term Development Plan, state news agency APS says.

These gross numbers are misleading as they include gas which is subsequently...