2024-01-13 20:32:15
Maghreb is an area extremely rich in hydrocarbons. The outbreak of the conflict Russian-Ukrainian has forced many European countries to initiate mechanisms to find new supply contracts. A country likeAlgeria has established itself as a real alternative for these nations fond of hydrocarbons.
Algeria is an absolute reference in terms of oil and gas production. According to figures from official sources, Algeria’s oil production amounts to nearly 1 million barrels per day. Gas production, for its part, amounts to 106 billion cubic meters per year. As you will have understood, the Maghreb nation is a real juggernaut on the hydrocarbon market.
This potential arouses much desire. In recent days, the Sonatrach (Algerian oil company) has started advanced discussions with the American giant Exxon Mobil in order to initiate gas and oil exploration projects. Mohamed Arkabthe Algerian minister of Energy said that in the coming days, an investment agreement will be signed between Exxon Mobil and Sonatrach. Exxon Mobil needs no introduction.
On the international stock market, the Texan company is one of the most highly valued companies. In 2022, the company led by Darren Woods made a record profit of $55.7 billion. Exxon Mobil’s interest in Algeria shows that the Arab nation is evolving in another dimension. The firm had taken steps in 2019 to position itself in Algeria. However, the socio-political upheavals which got the better of the regime of the deceased Abdelaziz Bouteflika delayed the arrival of the American juggernaut.
This time, everything seems to be done so that Exxon Mobil can begin its activities in the country ofNorth Africa. This partnership can prove fruitful for Algeria in many sectors, notably that of shale gas. For several years now, the Arab country has sought to develop this vein which is appreciated on the international market. The investment agreement will give Algeria the opportunity to open up to new markets.
With its expertise and technology, Exxon Mobil will enable Algeria to prospect for significant deposits. As indicated above, the country’s potential is colossal. If it is used wisely, then it is a safe bet that Algeria will achieve feats. There is no doubt that with an ambitious policy, the first authorities will redirect income from annuities oil and gas to propel the national economy to the heights and create a wealth of opportunities for the entire population.
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