Algeria Nears Chevron Deal, Vows to Stay Key Europe Gas Supplier
An LNG tanker arrives in Fos-sur-Mer, France. Algeria now accounts for about 14% of the European Union’s total imports of pipeline gas and LNG, according to the bloc’s latest market data.
Photographer: Clement Mahoudeau/AFP/Getty Images
Algeria is close to signing a deal with US energy giant Chevron Corp as the OPEC member aims to increase natural gas exploration and production and remain a key supplier of the fuel to Europe.
State-run energy firm Sonatrach will ink the agreement to develop a large hydrocarbons field “within the next few days,” Energy Minister Mohamed Arkab said in an interview with state TV late Wednesday. Before year-end, the country will also sign contracts with ExxonMobil Corp. to develop “very important fields that will make a very significant addition to the production of natural gas in Algeria,” he added.