Chevron is negotiating an energy exploration deal with Algeria – #Chevron #negotiating #energy #exploration #deal #Algeria

February 6 (Reuters) – Chevron Corp (CVX.N) USA has begun talks with Algeria to allow an oil company to conduct energy exploration in the North African nation, the Wall Street Journal reported Monday.

Chevron has sent government relations, security and business development representatives to the capital, Algiers, some of whom have met with Algerian officials over the past two months, the report added, citing people familiar with the matter.

Chevron has 17 energy projects this year billion dollars plans to spend.

Algeria’s energy sector in the last decade partially low oil prices has been in decline for years, but rebounded last year after Russia’s intervention in Ukraine and the passage of a new law regulating investments.

Europe itself Russia The attempt to deprive the country of its gas has hit the country, Algeria’s supply is now in Spain and Italy gas more than a quarter of its demand. State-owned Sonatrach Russia and is the third largest exporter to Europe after Norway.

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The company did not immediately respond to Reuters’ request for comment.

Reporting by Mrinalika Roy in Bengaluru; Edited by Rashmi Aich

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2023-02-06 15:13:54
Source – reuters

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