Algeria has entered into a two-year agreement with US energy giant Chevron to assess the potential of offshore oil resources in the Mediterranean, according to the country’s energy ministry.
The partnership, forged between the national hydrocarbon agency Alnaft and Chevron North Africa, aims to conduct an in-depth study of the country’s offshore oil potential.
The agreement could pave the way for future exploration and development projects, strengthening Algeria’s hydrocarbon sector.
Mourad Beldjehem, president of Alnaft, highlighted the deal as part of the agency’s efforts to attract high-quality investments and enhance technical capacity in offshore exploration.
This agreement follows similar deals in 2018, when Algeria’s state-run Sonatrach partnered with France’s Total and Italy’s ENI to explore offshore oil reserves.
Algeria remains heavily reliant on hydrocarbons, with over 90% of its foreign exchange earnings derived from the sector.
