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ExxonMobil, a leading American oil company is currently exploring the possibilities of a long-term investment in Algeria’s oil and gas sector. The company officials have been engaged in discussions with Algerian Energy Minister, Mohamed Arkab.
ExxonMobil, a leading American oil company is currently exploring the possibilities of a long-term investment in Algeria’s oil and gas sector. The company officials have been engaged in discussions with Algerian Energy Minister, Mohamed Arkab. The talks with ExxonMobil are seen as a promising step towards a mutually beneficial agreement. With expectations brimming, it is anticipated that a formal agreement will be concluded in the coming days. This development is in line with Algeria’s ambitions to bolster its energy production capabilities.
Algeria is actively inviting American energy firms to contribute to this endeavor. Besides ExxonMobil, Algeria has previously welcomed investment from Occidental, another American energy company, demonstrating the country’s openness to foreign capital and expertise in enhancing its energy infrastructure.
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As per data provided by Sonatrach, the national oil company of Algeria, the country’s current oil production stands at approximately 1 million barrels per day. Meanwhile, its gas production is tallied at around 106 billion cubic meters annually. By partnering with international energy giants like ExxonMobil, Algeria aims to significantly increase these figures and solidify its position in the global energy market.
