U.S. multinational ExxonMobil and Algeria’s national oil company, Sonatrach, explored opportunities for joint ventures in oil and gas exploration and production during a recent meeting between Algeria’s Minister of Energy and Mining, Mohamed Arkab, and an ExxonMobil delegation.
Currently in its finalization phase, the deal is pending approval and expected to be announced in the upcoming days, according to Minister Arkab.
ExxonMobil’s potential entry into the North African nation supports Algeria’s pursuit of boosting its oil and gas output. The country is already Europe’s third-largest natural gas supplier and aims to increase liquefied natural gas and pipeline exports on the back of new exploration drilling from global majors.
