Algeria’s state-owned oil company Sonatrach and American oil and gas group ExxonMobil have signed a Memorandum of Understanding (MoU) for exploration and development opportunities in Algeria.
The signing of the MoU follows the recent passing of Algeria’s new hydrocarbon law, which came into effect in January.
“[This] confirms the renewed dynamism of the Algerian mining sector, as part of the new attractive provisions introduced by the law on hydrocarbon activities,” said Sonatrach in a statement.
Additionally, last week Sonatrach signed two MoUs with Russian company Zarubezhneft and Turkish company Turkiye Petrolleri Anonim Ortakliôi. According to Sonatrach these agreements will “allow, in particular, the revival of the exploration activity in partnership and a fair sharing of risks in this capital activity.”
In mid-March, the national company signed an MoU with American oil company Chevron, whereby the two parties will develop Algeria’s hydrocarbon industry, allowing the transfer of technologies and know-how in various segments of the oil and gas industry.