Algeria nears Chevron, ExxonMobil deals as country aims to boost oil and gas production, exploration

Algeria is close to signing a deal with U.S. oil and gas 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 oil and gas field “within the next few days,” Energy Minister Mohamed Arkab said in an interview with state TV last week. 

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.