Several major energy companies, including ExxonMobil, Chevron, and Occidental, have expressed strong interest in investing in Algeria’s energy sector, according to a statement from Sonatrach. This interest was showcased during the US-Algeria Energy Forum held in Houston, organized by the US-Algeria Business Council and the American Chamber of Commerce in Algeria.
Rachid Hachichi, CEO of Sonatrach, emphasized Sonatrach’s ongoing commitment to exploring new investment opportunities, particularly in hydrocarbons, renewable energy, hydrogen, and energy efficiency. He highlighted the incentives provided by Algeria’s Hydrocarbons Law, which offers attractive terms to investors.
The forum featured three key discussion sessions covering oil, gas, and renewable energy sectors. Farid Gato, Vice President of Exploration and Production at Sonatrach, highlighted Algeria’s high success rate in hydrocarbon exploration, surpassing the global average. He also discussed the country’s advanced energy infrastructure, in which Sonatrach invests nearly $1 billion annually.
Liz Schwarz, Vice President of International Exploration at Chevron, praised Algeria’s hydrocarbons law, stating that it offers significant advantages for investors. She also highlighted Algeria’s strong infrastructure, including transcontinental pipelines and LNG plants, which facilitate the easy export of gas to Europe.
John Ardill, Vice President of Exploration and New Opportunities at ExxonMobil, expressed optimism about long-term cooperation with Sonatrach and reaffirmed ExxonMobil’s interest in investing in Algeria’s energy sector. He also reiterated the company’s commitment to adopting best environmental practices and reducing its carbon footprint.
Youssef Khenfer, Sonatrach’s Director of New Resources, discussed Algeria’s vast potential in renewable energy, including solar and wind power in the High Plateaus and southern regions. He also outlined Sonatrach’s ambitious plans for green hydrogen development over the medium and long term.
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Author: Nor-Eleslam
