Exxon has signed a deal with the Algerian government for exploration at two natural gas fields in the North African country. The supermajor, in partnership with Algeria’s state energy firm Sonatrach, will 'study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin' in the southern part of the country, the New Arab reported. Details about the amount of the investment were not disclosed by the companies.
supermajors in this expansion emerged last year when the Wall Street Journal reported that Exxon and Chevron were in advanced talks on exploration and production deals in the North African nation. By early 2024, there was still no news of a deal but it appears that now talks have finally produced a result with one of the U.S. supermajors.