Algeria through its state oil company, Sonatrach has inked a deal with ExxonMobil to develop two gas fields as part of boosting the country’s energy needs. The sealed memorandum of understanding was inked in Algiers by Sonatrach’s chief executive Rachid Hachichi and the head of exploration at ExxonMobil, John Ardill. READ:Morocco, Ivory Coast ink deal on water resource managementOil strategyThis development follows reports of advanced negotiations between Sonatrach, ExxonMobil, and Chevron to harness Algeria’s extensive gas reserves, including both conventional and shale gas. The deal marks a significant step in Algeria’s strategy to expand its natural gas production. As one of the largest natural gas producers in Africa, Algeria is keen to leverage its vast conventional and shale gas reserves to meet growing global demand, particularly from Europe.

Source: The North Africa Journal May 24, 2024 22:28 UTC