Mohamed Arkab, Minister of Energy and Mines, welcomed a delegation from the American oil and gas company Exxon Mobil, led by John Ardell, Vice President of Exxon Mobil for Exploration and Research, on Tuesday. The Ministry of Energy issued a statement announcing that this meeting, which included the CEO of Sonatrach and other ministry officials, focused on partnership opportunities, investment prospects, and ongoing discussions between Sonatrach and Exxon Mobil in the field of hydrocarbon development, particularly in oil and gas exploration.
Both parties expressed satisfaction with the current level of relations and consultations, aiming to finalize and sign an agreement in the near future. Minister Arkab highlighted the significant investment and partnership opportunities available in Algeria’s energy sector, including oil and gas exploration and development under the new hydrocarbons law, which offers various incentives and benefits to investors.
The minister emphasized the sector’s strategy to initiate significant investments aimed at increasing the production, processing, and marketing of oil and natural gas to meet national needs and strengthen export capabilities, reaffirming Algeria’s commitment to its foreign partners. Arkab stressed the government’s determination to support and facilitate foreign partners, especially Exxon Mobil, at all stages of these investments.
The meeting also underscored the importance of exchanging expertise, transferring knowledge and modern technologies, and establishing mutually beneficial partnerships.
John Ardell expressed Exxon Mobil’s keen interest in initiating significant and tangible projects in Algeria, particularly given the favorable investment climate and the trust characterized by the relationship with Sonatrach.
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: Sonatrach and Exxon Mobil Agreement, Hydrocarbon Development in Algeria
