ALGERIA AND CHEVRON SIGN AGREEMENT TO EXPLORE HYDROCARBONS POTENTIAL

The Algerian National Agency for the Development of Hydrocarbon Resources (Alnaft) and the American oil and gas company Chevron have signed an agreement in Rabat to conduct a study on the potential of offshore hydrocarbon resources off the coast of Algeria.

The ceremony was attended by Algerian Minister of State, Minister of Energy, Mines and Renewable Energy, Mohamed Arkab, and the Director General of the Algerian State Oil and Gas Company Sonatrach, Rachid Hashishi, Algerian Radio reported.

The two-year agreement aims to conduct an in-depth study to assess the oil resources of the Algerian platform. The signing of the document, according to the Algerian side, represents "a strategic step to strengthen cooperation between Algeria and Chevron in the field of technical and geological research that can pave the way for exploration and development projects aimed at exploiting national hydrocarbon resources".

Algeria is a member of OPEC and one of the largest oil exporters in Africa and the Arab world.