Algeria is planning $63.5 billion in investment to boost gas exports and maintain oil output capacity.

Energy minister Chakib Khelil said the current low oil prices would not affect the planned investments through 2013, since the country was expecting a longer-term price of around $70-$80 a barrel.

Producer countries worldwide have stated that lower prices will hamper investment in expanding capacity.

The investment will allow Algeria, the third largest supplier of natural gas to the European Union, to boost total gas exports by over 60% by 2015.

Khelil said gas exports should rise to 100 billion cubic metres per year by then, from around 62 billion now.

Investment in developing new oilfields will compensate decline in older fields and keep capacity steady at around 1.4 million barrels per day.

Algeria discovered four new gas fields in the past two months and is working on verifying another three discoveries.