Algerian State run Sonatrach has signed a memorandum of understanding (MoU) with Russia’s Lukoil for possible future exploration and production (E&P) in Algeria, according to a press release.

The MoU covers the review of international E&P opportunities.

This came after the announcement of an MoU signed by ExxonMobil in April. This is part of Sonatrach’s broader plan to attract foreign investment following the promulgation of the new Algerian hydrocarbons law. 

Lukoil Company is one of the largest oil and gas companies listed on the stock market and represents more than 2% of world oil production and approximately 1% of proven hydrocarbon reserves.