Algeria speeds up exploration with "giant" Chevron

On January 22, the Algerian Ministry of Energy signed an agreement with the US energy group Chevron to assess the potential of offshore oil and gas resources in the Mediterranean Sea in the country's waters.

Currently, more than 90% of Algeria's foreign exchange earnings come from oil and gas, and most of the exploited oil and gas fields are located in the Sahara desert. (Source: Getty)

The Algerian National Agency for the Management of Petroleum Resources (ALNAFT) and Chevron have signed the agreement, which stipulates the implementation of in-depth studies to assess Algeria's offshore oil and gas resources.

This is a strategic step to strengthen cooperation between Algeria and Chevron in the field of technical and geological research, potentially paving the way for exploration and development projects to stabilize the country's oil and gas resources.

According to ALNAFT Chairman Mourad Beldjehem, the agreement aims to attract quality investment and strengthen technical capacity in the offshore exploration sector. This cooperation will contribute to new discoveries and strengthen Algeria's position as a leading destination for energy investments.

Previously, in October 2018, Algeria's national oil and gas group Sonatrach signed two agreements with French oil group Total and Italian oil group ENI to evaluate possible offshore oil and gas resources in the Mediterranean.

Source: https://baoquocte.vn/90-nguon-thu-tu-dau-khi-algeria-tang-toc-tham-do-voi-ga-khong-lo-chevron-301982.html