(Sources : Energy news)
President of the Republic Abdelmadjid Tebboune received, on Wednesday, a high-level delegation from the American energy conglomerate ExxonMobil, according to an official communiqué from the Presidency.
The meeting, held at the Presidency, reflects Algeria’s ongoing commitment to bolstering strategic energy partnerships with leading global actors. The delegation’s visit comes amid intensified efforts to attract investment and technological collaboration in Algeria’s vital energy sector.
Algeria’s state-owned oil and gas group Sonatrach and US giant ExxonMobil have announced the signing of a memorandum of understanding to develop hydrocarbon resources in two gas fields in southern Algeria. The agreement, signed in Algiers by Sonatrach CEO Rachid Hachichi and John Ardill, ExxonMobil Vice President Exploration and New Opportunities, aims to explore existing opportunities in the Ahnet and Gourara basins.
Opportunities and prospects
This strategic agreement focuses on operational excellence, technological innovation and respect for the environment. The two companies plan to study opportunities for the development of hydrocarbon resources, without revealing investment amounts or potential gas field reserves. According to Hachichi, this agreement opens up new prospects for the Algerian mining sector and testifies to Sonatrach and ExxonMobil’s commitment to the responsible and sustainable exploitation of natural resources.
Background and challenges
The partnership between Sonatrach and ExxonMobil comes at a time when Algeria is seeking to attract foreign investment to exploit its vast gas reserves. Back in June 2023, the Wall Street Journal reported on advanced negotiations between Sonatrach and US giants Exxon and Chevron to exploit the country’s conventional and shale gas reserves. The exploitation of shale gas, controversial because of the environmental impact of hydraulic fracturing, is part of the discussions to maximize Algeria’s energy potential.