Algeria has signed a two-year agreement with U.S. energy giant Chevron to evaluate offshore oil reserves in the Mediterranean, according to the country’s energy ministry.
The agreement, established between Algeria’s national hydrocarbon agency, Alnaft, and Chevron North Africa, focuses on conducting detailed studies to assess offshore oil resources, identifying opportunities for exploration and development.
This initiative is part of Algeria’s strategy to advance its hydrocarbon sector, attract high-quality investments, and enhance technical expertise in offshore exploration.
Alnaft president Mourad Beldjehem emphasized that the collaboration aligns with the agency’s long-term goals, as reported by Algeria’s official news agency, APS.
In 2018, Sonatrach, Algeria’s state-owned energy company, partnered with France’s Total and Italy’s ENI for similar offshore studies, marking earlier efforts in this domain.
As Africa’s largest nation, Algeria remains heavily reliant on hydrocarbons, which contribute over 90% of its foreign exchange revenue.
The agreement with Chevron represents a significant step toward boosting Algeria’s energy exploration and development initiatives.