Algeria has signed a two-year agreement with U.S. energy company Chevron to assess potential offshore oil reserves in the Mediterranean, according to its energy ministry.
The deal was established between Algeria’s national hydrocarbon agency, Alnaft, and Chevron North Africa, as detailed in the ministry’s statement.
Under the agreement, Chevron will conduct an in-depth study to evaluate offshore oil resources in Algeria, aiming to identify opportunities for exploration and development.
The initiative seeks to pave the way for future projects that will enhance Algeria’s hydrocarbon development and exploration efforts.
Alnaft’s president, Mourad Beldjehem, highlighted that this collaboration aligns with the agency’s strategy to attract high-quality investments and bolster technical expertise in offshore exploration, according to Algeria’s official news agency, APS.
In 2018, Sonatrach, Algeria’s state-owned hydrocarbon company, partnered with France’s Total and Italy’s ENI to evaluate offshore oil reserves, marking previous steps in similar efforts.
As Africa’s largest country, Algeria relies heavily on hydrocarbons, which account for over 90% of its foreign exchange revenue.
African Energy Council