Algeria is looking to its territorial waters to bolster its hydrocarbon reserves and production capabilities. A significant agreement has been signed with American giant Chevron.
The agreement focuses on conducting studies to assess Algeria’s offshore hydrocarbon potential within its maritime boundaries.
The deal was signed on Wednesday, January 22, 2025, in Algiers by Mourad Beldjehem, Director of the Algerian Agency for the Valorization of Hydrocarbon Resources (ALNAFT), and Luca Rigo de Righi, Director of Major Projects (New Global Projects) at Chevron North Africa Ventures Ltd, according to a statement from the Ministry of Energy and Mines.
The signing ceremony was attended by the Minister of Energy and Mines, Mohamed Arkab, Sonatrach CEO Rachid Hachichi, along with numerous energy sector officials from Algeria and the American company.
Through this 24-month agreement, Algeria aims to enhance its production capacities and solidify its position as a reliable global energy supplier.
Algeria to Explore for Oil and Gas in Its Maritime Waters with Chevron
This is a significant step towards strengthening cooperation with the American oil giant in geotechnical studies, paving the way for future exploration and development projects aimed at valorizing national hydrocarbon resources, as per the ministry’s statement.
“This agreement is part of ALNAFT’s efforts to attract quality investments and enhance technical capabilities in marine exploration,” stated the director of the Algerian agency. It will also “strengthen Algeria’s position as a prime destination for energy investments,” he added.
The American company’s representative, in turn, expressed satisfaction with the cooperation with Algeria.
“Chevron is proud to be part of this initiative that supports Algeria’s efforts to develop its energy sector. This agreement reflects our commitment to supporting innovative and sustainable projects currently underway, in line with our vision to provide clean, reliable, and affordable energy,” he said.
