ALGERIA

Senior executives from the state-owned Sonatrach group will meet with executives from Exxon Mobil and Chevron at the Algerian-American Energy Forum in Washington this November.

The parties concerned have already been discussing upstream gas partnerships in Algeria for several months and this meeting could be sanctioned by the signing of cooperation contracts in the gas field.

Indeed, according to Energy Minister Mohamed Arkab, who recently commented on the case, “negotiations with US oil groups are progressing and will have to be finalized before the end of this year.”

November forum presents an opportunity to finalize discussions with the US oil giants Exxon Mobil and Chevron and to sign possible partnership agreements between Sonatrach and the two American groups.

Indeed, last March, Sonatrach signed a memorandum of understanding with Chevron to invest in gas exploration and production in the south, and talks with Exxon Mobil are still ongoing. This is a new era for U.S. investments, which will lead to a stronger presence in the Algerian oil and gas market, which today is summed up in the presence of a single U.S. player in the oil and gas sector in Algeria, Oxy Petroleum.

Algeria, which has set itself the objective of improving its gas production by 53% in the coming years, through the renewal of its natural resources, is counting on foreign investment in the field of “exploration”.

Indeed, this issue was one of the key issues in discussions with the US oil and gas giants Exxon Mobil and Chevron. Sonatrach discusses “terms of agreements with Exxon and Chevron that would include both exploration for conventional and shale gas reserves,” Energy and Mines Minister Mohamed Arkab said.

SOURCE; ALGERIAINVEST.COM

Growth in Algeria is expected to accelerate further in 2024, at a sustained pace over the past two years, reflecting not only the current rise in oil prices but also the expected consolidation of the performance of the main non-hydrocarbon economic sectors.

Indeed, the Sahara blend, Algeria’s benchmark crude oil, which price increased by an additional premium over the North Sea Brent, to which it is indexed, is now expected to exceed $100, giving Algeria more comfortable wiggle room to consolidate its external financial equilibrium and the overall pace of economic growth.

Brent crude, the benchmark for Algerian oil prices, closed last week at $95 per barrel. And, according to market analysts, that trend will continue, with global oil supply tightening further in response to renewed growth in demand, especially in China and the United States – the two main forces driving the global economy.

These are very favorable signals for the Algerian economy, which will have to perform better in 2024, mainly by consolidating the positive balances of its trade and payments balances and by strengthening its official foreign exchange reserves, currently valued at nearly $85 billion, which is sufficient coverage for more than two years of imports of goods and services.

This expected consolidation of the macroeconomic and macro-financial balances should also serve as the basis for an acceleration in the pace of growth of the national economy, which should thus be boosted both by its traditional relays in the oil and gas sectors, but also and above all by the continuation of the efforts undertaken in the non-hydrocarbon sectors, especially agriculture and industry with its various branches.

Algerian-American Energy Forum in November: The Opportunity to Finalize with Exxon Mobil and Chevron

Senior executives from the state-owned Sonatrach group will meet with executives from Exxon Mobil and Chevron at the Algerian-American Energy Forum in Washington this November.

November forum presents an opportunity to finalize discussions with the US oil giants Exxon Mobil and Chevron and to sign possible partnership agreements between Sonatrach and the two American groups.

As Algerian oil is verging on $100: Economic growth to speed up the pace

Growth in Algeria is expected to accelerate further in 2024, at a sustained pace over the past two years, reflecting not only the current rise in oil prices but also the expected consolidation of the performance of the main non-hydrocarbon economic sectors.