Algeria’s national oil and gas company Sonatrach and the American ExxonMobil have signed a Memorandum of Understanding (MoU). This was reported by the Sonatrach press service.
The MoU was signed in the presence of Sonatrach CEO R. Hachichi and ExxonMobil Vice President for Exploration and New Opportunities D. Ardill. It will enable partners to explore existing opportunities to develop hydrocarbon resources in Algeria’s Ahnet and Gourara basins, with a focus on technological innovation, environmental stewardship and best practices in sustainable development.
Commenting on the signing of the MoU, R. Hachichi said:
- We are very excited about this important milestone in our collaboration with ExxonMobil, an innovator in the energy sector;
- The signing of the Memorandum of Understanding opens up new prospects for the development of Algeria’s mining sector and demonstrates the mutual commitment of the 2 companies to the responsible and sustainable exploitation of our country’s natural resources.
Theses by D. Ardill:
- This agreement is the first important step in creating a partnership that will unlock Algeria’s resource development potential;
- Algeria’s long history of hydrocarbon development, coupled with ExxonMobil’s advanced capabilities and experience, positions us for success.
On May 19, 2024, Sonatrach also entered into an MoU with Italy’s Eni aimed at establishing a new research and development program to develop the hydrocarbon potential of the Zemoul El Kbar, Rourde El Louh – Sif Fatima and Rhourde Messaoud Nord areas.
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