State-owned Sonatrach is expected to sign the contract to develop a substantial hydrocarbons field within the next few days. Algeria contributes approximately 14% of the European Union’s total imports of pipeline gas and LNG. Credit: Audio und werbung/Shutterstock.
Algeria is on the brink of finalising an agreement with Chevron to enhance its natural gas exploration and production capabilities, reinforcing its position as a crucial supplier to Europe, reports Bloomberg.
In an interview with state TV, Energy Minister Mohamed Arkab said the state-owned Sonatrach is expected to sign the contract to develop a substantial hydrocarbons field “within the next few days.”
The North African nation is also poised to sign agreements with ExxonMobil before the end of the year to develop “very important fields,” which Arkab believes will substantially boost Algeria’s natural gas output.
These developments come as Algeria’s energy sector experiences a resurgence following Russia’s invasion of Ukraine, stepping in to supply Europe amidst a scramble for alternative energy sources.
Algeria, which contributes approximately 14% of the European Union’s total imports of pipeline gas and liquefied natural gas (LNG), has recently secured increased purchase commitments from Italy, Spain, and Germany.
Source : https://www.offshore-technology.com/news/algeria-nears-deal-with-chevron/
