Algeria’s national oil and gas company, Sonatrach, reportedly signed a memorandum of understanding with the US energy giant Chevron for the development of oil and gas fields in the country.
The signing ceremony, held in the capital Algiers, was attended by Sonatrach’s CEO, Rechid Hachichi, and Chevron’s Vice President for Exploration, Liz Schwarze.
Hachichi stated to the press that the memorandum will provide a platform for discussions regarding opportunities to develop the discovered oil and gas resources in the Ahnet Basin (Illizi province) and the Bir Rebaa Basin (Ouargla province) in southeastern Algeria.
Sonatrach had previously signed an agreement with another American energy giant, ExxonMobil, to develop oil and gas fields in the southeast and southwest of the country.
Energy and Mines Minister Mohamed Arkab had announced a few days ago that Sonatrach aims to produce 200 billion cubic meters of natural gas, half of which will be exported by 2027.