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Algerian oil and gas earnings, which account for nearly all of the country's exports, fell by 2.26 percent on year in the first five months of 2014, data showed Monday.
Hydrocarbons exports generated 27.36 billion dollars in January-May, compared with 28 billion dollars for last year, and represented 96.91 percent of total exports, according to the national center for customs statistics.
Its main customers were Spain, which spent the equivalent of 659 million dollars, followed by Britain, Italy, France and the United States.
The North African country, which is a member of OPEC, is the third largest supplier of natural gas to Europe.
But its hydrocarbons sector has suffered in the past decade from a lack of foreign investment, which is needed to maintain production levels at its ageing oil and gas fields.
A new bid round launched in January, and due to be awarded in August, aims to attract a fresh influx of investment, boosting energy exploration and development in the resource-rich country.
But a bloody hostage attack at the In Amenas desert gas plant in January 2013 dealt a blow to Algeria's energy security image, and despite security reinforcements, Western oil firms remain concerned about the threat from Islamist militants based in the Sahara.
President Abdelaziz Bouteflika, who was re-elected for a fourth term in April despite chronic health problems, has pledged to diversify the country's economy, making it less reliant on hydrocarbons.
So far there is little evidence that any significant steps have been taken to achieve this.
Source: Agence France Presse
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