According to sources, Chevron is in talks with Algeria about an energy exploration deal.
In 2020, the energy giant signed a memorandum of understanding with state-backed oil company Sonatrach to explore natural-gas opportunities. The recent moves come as western oil companies seek alternatives to Russia's oil and gas.
- Chevron has sent representatives in government relations, security, and business development to Algeria to meet with government officials.
- Chevron has also sent consultants to assess Algeria's shale and non-shale gas resources, the country's contractual terms, and power circles.
- Algeria has larger shale gas resources than the U.S. and has the third-largest recoverable shale resource in the world.
- A Chevron spokeswoman said the company has an agreement with Algeria to access data on the country's biggest natural-gas reservoirs — the Ahnet, Gourara, and Berkine basins.