Chevron Signs MOU for Hydrocarbon Development in Algeria

Energy major Chevron has signed an MOU with Algeria’s national oil company Sonatrach for the development of hydrocarbon resources in the gas-rich Ahnet and Berkine basins. The agreement covers areas of identified interest in the two basins.

In addition to resource development, the companies will also focus on operational efficiency and leveraging cutting-edge technology to enhance environmental preservation and sustainability across operations. 

According to Sonatrach CEO Rachid Hachichi, the deal reflects the companies’ shared vision to develop Algeria’s oil and gas resources in a responsible and sustainable manner. He added that “this signature allows us to glimpse promising horizons for the development of the national mining sector.”

For Chevron, the deal provides access to promising assets with proven potential. Liz Schwarze, Vice President of International Exploration at Chevron, stated: “Algeria has a world-class petroleum system with the potential for significant oil and gas resources. Given Chevron’s recognized capabilities and proven experience in the development of all forms of oil and gas, we are enthusiastic about the potential for synergies and partnerships that we can create with Sonatrach.”