Algeria's state-owned Sonatrach plans to invest $90.6 billion in oil exploration over the next five years, a report quoting its CEO said.

About eight per cent of the spending will be used for fuel transport, Said Sahnoun said in the report.

The company will intensify exploration activities to cover an area of 26,000 sq km annually, with an average of 125 wells every year till 2019, Sahnoun told the Algerian Radio.

Meanwhile, Sonatrach has discovered three new oil wells "of good quality" in 2015, with potential production of 3,000 to 4,000 barrels daily, he said.