Chevron Corporation is in talks with Algeria to allow the U.S oil gaint to carry out exploration in the North African country.
Algeria, according to sources familiar with the situation, the North African nation ramps up efforts to replace restricted Russian supplies in the neighboring European continent, WSJ reported.
Chevron inked a memorandum of understanding with state-run company Sonatrach to explore natural gas opportunities in 2020 but progress had been slow until recently. According to those who familiar with the matter, Chevron reopened discussions about investing in Algeria.
According to the article, which also cited persons with knowledge of the situation, the corporation has sent representatives in charge of government relations, security, and commercial development to the Algerian capital Algiers, some of whom have met with Algerian officials in the last two months.
A Chevron spokesperson claimed the oil giant had a deal with the government agency to obtain information on the Ahnet, Gourara, and Berkine Basins, three of Algeria’s largest natural-gas deposits, but she declined to comment on specific business potential.
This year, Chevron intends to invest $17 billion on energy-related projects.
“Algeria holds a world-class petroleum system with significant potential for conventional and unconventional oil-and-gas exploration,” the spokeswoman said.