Separately, on 9 January 2024 executives from another US oil major, ExxonMobil visited Algeria and held talks with industry leaders in the North African country. Sources in Algeria say both Oxy and Chevron have engaged in talks with Algerian state-owned oil firm Sonatrach. The news was immediately magnified by the Algerian press as a fait-accompli, claiming the two parties reached a final deal. The Algerian press even quoted in June 2023 Minister of Energy, Mohamed Arkab, stating agreements between Algeria and the two oil companies “will be completed by the end of 2023.” Fast forward six months later, no contract has been signed yet. Algeria is reported to be extracting oil and gas on only 47% of the 1.5 million square kilometers of exploitable zone.

Source: The North Africa Journal January 24, 2024 16:28 UTC