Sonatrach and Chevron signed a Memorandum of Understanding to explore hydrocarbon development opportunities in Algeria.
Sonatrach and Chevron FEA International Ventures Ltd. signed a memorandum of understanding (MoU) with the objective of discussing possibilities for hydrocarbon resource development in Algeria.
Areas of interest identified in the MoU are the Ahnet and Berkine basins, Sonatrach said.
“Algeria has a world-class petroleum system with the potential for significant oil and gas resources,” said Chevron vice-president of International Exploration, Liz Schwarze. Given Chevron’s recognized capabilities in the development of oil and gas, “we are enthusiastic about the potential for synergies and partnerships that we can create,” she said.
Sonatrach has recently signed various agreements aimed at supporting projects in Algeria and boosting gas supplies to Europe.
In May, Sonatrach signed an MoU with ExxonMobil Corp. to explore hydrocarbon development opportunities in the Ahnet basin.
