OPEC member Algeria's proven oil reserves are currently 1.34 million tonnes, or 10 billion barrels, Energy Minister Mohamed Arkab said on Sunday.
Arkab also told state radio that Algeria, a major gas supplier to Europe, had an estimated 2.36 billion cubic metres of proven natural gas reserves.
Algeria's oil and gas output and exports have been falling in recent years because of growing domestic consumption and a lack of foreign investment, significantly hitting energy earnings, the main source of state finances.
In a bid to reverse the trend, the government late last year approved an energy law offering attractive contract terms including tax incentives to foreign investors.
State energy firm Sonatrach has signed several Memorandums of Understanding (MOU) this year with oil majors including Exxon Mobil Corp.
"The aim of this partnership with major companies is to preserve our share of external markets and increase our production capacity," Arkab said.
