Algeria’s state-owned Sonatrach discussed future partnerships with Exxon Mobil, a Sonatrach statement said on Monday, Reuters reported.
The announcement came a week after Sonatrach sat with Chevron Corp., to confer energy collaboration, as the energy producer said it seeks boosting its output and increasing its revenues after a decline in prices hit its budget. Sonatrach gave no further details of the September 25 and 26 meetings.
Sonatrach aims to collaborate with foreign oil majors as Algeria’s political turmoil after in February created a limbo that the country hopes to resolve soon.
Algeria’s energy prices dropped in 2014, with its foreign exchange reserves dropping to $72.6 billion from $178 billion. Roughly 95% of Algeria’s foreign revenue comes from oil and gas.