ExxonMobil, one of the world’s largest oil firms, has announced plans to explore gas and oil in Algeria.
An ExxonMobil delegation discussed the deal with Algeria’s Energy and Mines Minister Mohammed Arkab in the capital Algiers, the Arabic language daily Elkhabar reported, citing a Ministry statement.
“The two sides held talks on ExxonMobil’s investments in Algeria and the current consultations between the two sides on oil exploration in some areas in Algeria,” the statement read.
“The two sides stressed they will continue such consultations which aim to reach an agreement in the next few days for exploration and oilfield development,” it added.
Natural gas production in Algeria is projected to grow at an annual rate of 1.4%, reaching 146.7 billion cubic meters by the year 2028.
The Director General for Forecasting at the Ministry of Energy and Mines, Miloud Medjelled, indicated that this increase is due to the activation of new gas fields during 2024-2028, with an additional output of 16.3 billion cubic meters.
This growth will also be supported by the increased production at the Hassi R’mel field and the development of the Touat deposit, both contributing to maintaining production of over 130 billion cubic meters annually during the same period.
In the context of the sector’s efforts to ensure the security of these supplies and to increase production, especially in gas, the official emphasized that the sector has taken several other measures.
These include strengthening the national mining sector, intensifying efforts in production and export, completing projects under development, increasing the recovery rate of oil and gas, and diversifying the energy mix.
