Chevron Inks MoU with Algerian Sonatrach

Sonatrach and Chevron FEA International Ventures Ltd. signed a memorandum of understanding (MoU) with the objective of discussing possibilities for hydrocarbon resources development in Algeria.

Areas of interest identified in the MoU are the Ahnet and Berkine basins, Sonatrach said in a release June 13.

“Algeria has a world-class petroleum system with the potential for significant oil and gas resources,” said Chevron vice-president of International Exploration, Liz Schwarze. Given Chevron's recognized capabilities in the development of oil and gas, “we are enthusiastic about the potential for synergies and partnerships that we can create,” she said.

Sonatrach has recently signed various agreements aimed at supporting projects in Algeria and boosting gas supplies to Europe (OGJ Online, May 24, 2024).

One such MoU, signed in May with ExxonMobil Corp., also aims to study opportunities to develop hydrocarbon resources in Ahnet basin.