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ExxonMobil and Chevron Near Algeria Gas Deal: WSJ

NATURAL GAS

ExxonMobil and Chevron are nearing a deal to drill for gas in Algeria according to the WSJ.

  • An agreement with the state energy company Sonatrach could be made before the end of the year, According to Algerian Energy Minister Mohamed Arkab.
  • Chevron told the WSJ that Algeria allowed it access to data regarding three oil-and-gas basins, while Exxon confirmed it is in talks with Sonatrach. Arkab said Algeria is seeking to "increase our volumes" as only 47% of the 1.5 million square km of exploitable fields are in use.
  • Algeria is strategically located to supply Europe with gas as the region looks for long term options away from Russian flows.

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